http://www.cashorcredit24.com/what-are-my-options-in-getting-a-new-mortgage-will-it-be-a-regular-one-or-an-investment-mortgage Find answers for all your financial problem Thu, 03 Mar 2011 21:38:38 +0000 hourly 1 http://wordpress.org/?v=3.1.2 http://www.cashorcredit24.com/what-are-my-options-in-getting-a-new-mortgage-will-it-be-a-regular-one-or-an-investment-mortgage/comment-page-1#comment-781 Beth L Wed, 07 Nov 2007 13:58:04 +0000 http://www.cashorcredit24.com/what-are-my-options-in-getting-a-new-mortgage-will-it-be-a-regular-one-or-an-investment-mortgage#comment-781 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 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

]]> http://www.cashorcredit24.com/what-are-my-options-in-getting-a-new-mortgage-will-it-be-a-regular-one-or-an-investment-mortgage/comment-page-1#comment-780 ghothem Mon, 05 Nov 2007 00:33:36 +0000 http://www.cashorcredit24.com/what-are-my-options-in-getting-a-new-mortgage-will-it-be-a-regular-one-or-an-investment-mortgage#comment-780 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. 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.

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