What are my options in getting a new mortgage; will it be a regular one or an investment mortgage?

eric_j_morton asked:


I bought a house a year ago and fixed it up while I was living n it. Now I want to buy a new house and rent my current one out. What are my options in getting a new mortgage; will it be a regular one or an investment mortgage?

Marathon Key rentals


Comments (3)    Posted in Renting & Real Estate    

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3 Responses to 'What are my options in getting a new mortgage; will it be a regular one or an investment mortgage?'

  1. ghothem - March 26th, 2009 at 3:17 am

    Frederick MD real estate

    As long as you plan to live in the new house it should be an owner occupied mortgage. However, you will need to have a written lease on your current home to count the rental income in qualifying for the new mortgage and generally they count the rental income at 50% of what you receive.

  2. Beth L - March 26th, 2009 at 5:27 pm

    Buffalo Grove property

    it depends on exactly how long ago you purchased your current home. FNMA (Fannie Mae) will acknowledge you purchase of the existing home, and in some states it must be over a year ago. Also, most Lenders will require a Comp Rent Schedule on the current home, as well as you would have to have 30% Equity in your current home in order to use if as a rental home with rental income. Maybe you can carry both payments. I work in the industry and it really is different state by state. Good Luck

  3. Marty S - March 28th, 2009 at 7:13 pm

    Simi Valley Real Estate

    I am a mortgage broker. If I can be of service, please let me know!

    Martin Smith

    Precision Funding
    877-238-6324 Ext 704
    513-536-7184
    877-238-6324 FAX