Posted: Wed Jul 28, 2010 10:59 am Post subject: Converting existing home to rental
I have a home on the market where we have about 10-15% equity. We are trying to sell the home so that we can purchase another more suitable for our family. I would prefer to be able to convert it to a rental and then purchase the second home. I am being told that FHA will not allow. We have about 5% cash to pay for down payment without selling our home. Do we have any options? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
As you already have a mortgage in your name, it would be difficult for you to qualify for another mortgage to buy a new property. Thus, there are less chances that you would be able to qualify for a loan unless you've excellent credit scores and stable financial situation.
Thanks,
Jerry
NRinDenver Guest
Posted: Thu Jul 29, 2010 9:21 am Post subject:
I do have excellent credit scores and a stable financial situation.
As you've excellent credit scores and a stable financial situation, you may be able to qualify for a new mortgage in order to buy another property. I would suggest you to contact the local lenders and apply for a mortgage.
jerry
