Can I qualify for another mortgage?
I own a home in Sac. I want to turn that property into a rental and purchase a another home. Can I make that happen without putting down 20%? There is equity in my home and I have refinanced. My mortgage is currently $200k and I could easily sell it for $280k by shareenkhan960 from Sacramento, California. May 22nd 2017
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
More info needed, but the short answer is yes.. First, if you refinanced within the last year, then we would need an explanation.. When you signed your refinance papers, you stated the "Subject" property would remain your primary residence for the next 12 months.. if you purchase in less than 12, the lender will require an explanation.. 2nd, if you can qualify for both mortgage payments without rental income, and you meet all other eligibility requirements, then you shouldn't have a problem.. if you cannot qualify with out rental income, then there are guidelines in place to determine how much, if any, can be added to your income for qualifying purposes.. If you like, I'd be happy to look at your complete loan profile and help you determine how much you would actually quality for.. Also, as a 30 year seasoned real estate investor, I'd also be able to give you some good advice on how to maintain your rental. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893
Larry Gray (lgray_312_247)
#597 ranked lender in California - 1,139 contributions
You can rent the home out and I can count the rental income if you are upgrading to a new primary home. I would be happy to pre-qualify you and certainly have done many loans in Sacramento and surrounding areas. www.graylending.com
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