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Guest

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?

jerry · Posted: Thu Jul 29, 2010 2:20 am Post subject:

Hi NRinDenver,

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

Guest

I do have excellent credit scores and a stable financial situation.

jameshogg · Posted: Thu Jul 29, 2010 11:37 pm Post subject:

Hi Guest,

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.

Thanks

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Converting existing home to rental