If I refinance my primary residence today, can I then rent it out to use the income to qualify for a new mortage?

The Answer is "it depends", You can if you refinance it into an investment property. If you refinance the home under the guise of your primary residence, you will sign documents stating that you intend on occupying the residence as your primary for at least 1 year. I can go on for a while on this topic, so if you would like to discuss further, give me a call Peter Botros 908 933 0253 office, 347 231 4444 cell, or email me at PBotros@OmegaLoans.net We are Direct Lenders here in NY.

Peters answer is spot on... the only thing i would add is that if you have no rental experience now (verified by rental income on your tax return), then most lenders will not allow projected income from a rental to be used in your ratios for a new loan... some will, but most wont.. those that do will only use 70% of what an appraiser says is the average rent amount for comparables to your property... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. 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

Hello, I don't lend in NY but can answer your question. If you refinance into a new owner occupied mortgage you will sign at least one document stating that you intend to occupy the home as your primary residence. If you rent it out within 12 months you will most likely attract the attention of the lender who will either require you to refinance into an investment property loan or, if that isn't possible, could call the note due. If you will rent it out I would recommend refinancing into an investment property loan now, (if it's worth it), then you will be free to apply for an owner occupied loan on your new home. There are other considerations when converting a current primary residence to a rental and buying a new primary. e.g. you would need to have 25-30% equity in one of the properties in order to use the rental income for qualifying. I would recommend discussing the specifics with a local lender from this forum. No doubt at least a couple will reply here. Good luck!

Not unless you refinance into a non owner occupied loan. If you sign your new loan with the bank thinking you are going to use the subject property as your primary residence you will be committing mortgage fraud. So if your original intent is buy another home, make sure to set up the refi loan correct. The refi bank could call your loan in for fraud if they where to find out.

Chalires answeris right. In additon you should know that inorder to use rental income to qualify for a loan you need to prove you have a two year history of receiving that rental income.

Yes, but you may have to wait 12 months,or longer. Underwriters know how to read credit reports, and watch for that.

yes...subject to fact that there be minimum of 25% equity in your current property. THERE IS NO WAIT PERIOD

Yes as long as the guidelines are met. That is the simple answer. To find out the details and the best way to do it give us a call!Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

If you refinance it as an investment property you can, but if you refinance it as an owner-occupied residence, there is a 1 year seasoning period. We are a direct lender and full-service brokerage in California. Give us a call at 888-733-4224 if you ever have any questions.

You would need to refinance it as an investment property if your plan was to immediately turn around and rent it. If you need to use that rental income to qualify for a new mortgage, you will have to have record of the income by reporting it in on 2 years worth of tax returns.