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sandranrb · Joined: 15 Jun 2011 Posts: 2 1.43 Dollars($)

I own a condo that has equity. I want to buy a new house, but need a down payment. I want to keep my condo and rent it out. Should I refinance my condo to a 7-year arm w/ lower % rate and use equity for a down or just take a straight equity line of credit out?? Not sure which way to go here. Any advice would be appreciated!!!

chrisgummerson · Posted: Wed Jun 15, 2011 9:58 am Post subject:

You would need to have 30% equity in the condo, after you had pulled out money for down payment. If you do not have the 30% equity, then the lender will not count your rental income and would require you to cover both of the mortgage payments. Do you have enough equity?

sandranrb · Joined: 15 Jun 2011 Posts: 2 1.43 Dollars($)

Yes, definitely have the 30% equity in the condo. I bought my condo 10 years ago and have never touched any equity. Smile

chrisgummerson · Posted: Wed Jun 15, 2011 10:28 am Post subject:

If you would like, you can email me or contact me off this page, and I can take a look at your scenario to see if you would be able to get a loan, and what type of program would be best.

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