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babystace · Joined: 09 Aug 2009 Posts: 1 1.37 Dollars($)

Would like to rent our home out and get another mortgage. What do we need to do this? We live in Minnesota, if that matters.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Best opotion for you in this market woudl be to fidn a renter first, rent out your existing house.

Find a new place and move there.

You can show the rent from the old house as payment towards yoru exisitng loan to qualify for loan on the new one

gmakerley · Posted: Mon Aug 10, 2009 8:20 am Post subject:

be prepared to provide a motivation letter for your new purchase. if you are moving only a short distance from the existing home, your lender will undoubtedly ask for the motivation letter and question why you're leaving one home to move to another so closeby.

if your existing home is a multi-family and you're relocating to a single family, your explanation will be easy. as for the rental income, you may not be able to claim it, unless you have a large amount of equity in your current property. you'll have to pay for an appraisal of that home, i'm sure, and provide lease(s) for the proposed rental.

it's a difficult chore these days - much more so than in the past. be prepared for a lot of questions.

arya310706 · Joined: 29 Jul 2009 Posts: 48 0.09 Dollars($)

you can go for new house bye renting present home.
Just check with local property brokers.

gmakerley · Posted: Mon Aug 10, 2009 9:44 am Post subject:

there is so much more to this sort of thing than simply "checking" with local property brokers.

my suspicion is that arya has just enough information at his disposal to be dangerous in handing it out. please, any who queries on this forum, take the conservative approach to doing things. it will serve you well in the long run and cause you far fewer headaches.

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WHAT WOULD BE A GOOD REASON TO WRITE IN A MOTIVATION LETTER? WHAT IS CONSIDERED A GOOD REASON TO BUY ANOTHER HOME ANYWAYS?

gmakerley · Posted: Wed Nov 17, 2010 2:47 pm Post subject:

"A good reason" is the specific reason why someone would want to purchase another home while retaining an existing home. There is no pat answer - all cases are different.

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Would Like to Buy a 2nd House