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If I want to Buy a home, can I keep my existing home as a rental? - AgentLinkus Real Estate Forums

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  • If I want to Buy a home, can I keep my existing home as a rental?

    Do I have to rent out my home for awhile before I apply for a mortgage, to show that I receive enough rent to cover the mortgage? If I didn't rent it out, I am not sure I would qualify for another purchase without the rental income?

  • #2
    The short answer to your question is yes. Recently I had a homeowner who wanted to do what you want to do. In their case the lender required that the home be rented for 1 year to prove the rental was solid. Lenders are getting more strict about their underwriting policies and more demands are being made on borrowers. I would suggest you contact a good lender to find out what their underwriter requires. Make sure you ask the loan rep/officer to speak with the underwriter since you must do the hoops for the underwriter not the loan rep. Best of luck.

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    • #3
      Originally posted by Catherine View Post
      The short answer to your question is yes. Recently I had a homeowner who wanted to do what you want to do. In their case the lender required that the home be rented for 1 year to prove the rental was solid. Lenders are getting more strict about their underwriting policies and more demands are being made on borrowers. I would suggest you contact a good lender to find out what their underwriter requires. Make sure you ask the loan rep/officer to speak with the underwriter since you must do the hoops for the underwriter not the loan rep. Best of luck.
      I agree with this.
      Jesse Gonzalez, Broker/REALTORŪ
      Archer Realty
      DRE License#01855372
      NMLS MLO#278103
      707-583-3666

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      • #4
        Re: If I want to Buy a home, can I keep my existing home as a rental?

        I would like to suggest you you can take help for property agents because agent often know of new listings coming up that are not yet on the market.
        http://www.blueprintproperties.co.uk/property-to-rent-in-london

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        • #5
          Re: If I want to Buy a home, can I keep my existing home as a rental?

          Yes, that should not be a problem if your credit is good..
          Last edited by Johnathan01; 09-13-2013, 03:51 AM.

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          • #6
            Re: If I want to Buy a home, can I keep my existing home as a rental?

            If you want to buy a new home and want to keep your existing home on rent then its possible. To locate the best home you need to make sure that you have viewed all the available rent to own home options on different sites or on real estate directories.

            Thanks,
            Find lease to own homes in Charlotte NC.

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            • #7
              Re: If I want to Buy a home, can I keep my existing home as a rental?

              It is possible to buy a new home and keep your existing home as a rental property.who want to rent their current home and buy another is that the homebuyer will What If I Just Refinanced My FHA Loan Get 6 tips to buy a new home and keep the old one as a rental property.But I'd like to keep my townhome as a rental property.If you can afford to keep your home while purchasing another,do so. If you want to make your first foray into real estate investing, you'll need to your contingencies, it's time to get the existing property on the rental market.If you have 30% equity in your primary home and you plan to keep the home as a rental, the house does not need to be rented in order for you to be approved.The equity you have in your existing property.Mortgage qualification when keeping existing home as a rental.Renting your home could bring in additional income.Keep in mind lying on a mortgage application could be considered fraud.


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