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sunil87020 · Joined: 04 May 2009 Posts: 339 26.96 Dollars($)

I own a property and i am looking to buy a new property and do a lease option sell on our current property. Can I refinance for the downpayment on the new property before doing the lease purchase? Or can I refinace it as an investment property so that we may obtain a new primary mortgage for the new property?

tfaulhaber1 · Posted: Tue Dec 28, 2010 9:48 am Post subject: FHA

Yes. First you'll pull out money from your current primary residence (MAX 85% LTV) and then you'll make an offer on the new home. Depending on the lenders overlays, you might have show you can carry both mortgages to get approved. Also, where is the property located? Is it an upgrade? You'll have to give a solid reason why this is going to be your new primary residence.

sunil87020 · Joined: 04 May 2009 Posts: 339 26.96 Dollars($)

Thanks tfaulhaber1,

Is it really require solid reason require for new primary residence?
Is it so necessary to explain the reason

Please guide..

tfaulhaber1 · Posted: Tue Dec 28, 2010 10:11 am Post subject: FHA

Yes, every underwriter will ask why this is going to be your new primary residence vs. a second home/investment property. Is your family expanding? Is this closer to work? Is there more sq. footage etc???

sunil87020 · Joined: 04 May 2009 Posts: 339 26.96 Dollars($)

thanks again .....
you guiss it correctly that family is expanding and requirement of big house...

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