However, you can keep it as a rental and still get an FHA or Conventional loan.
Losing the FTHB status likely only keeps you from accessing some down payment assistance programs. But you can still do FHA 3.5% down
Does his answer your question?
(214) 763-4629 cell/text/nights/weekends
Lending all across the Great State of Texas!!
Jack Gillis, M.B.A., J.D.
Nathan Grace Real Estate
5619 Dyer Street | Suite 100
Dallas, TX 75206
As long as you have 25% equity in your current home now, you will be able to use the condo that you own now as a rental property and use the income for qualification purposes as long as...you have a executed rental agreement and proof of at least the first months rent as well as a security deposit.
You can use either FHA or Conventional financing. They each have there advantages and disadvantages. While FHA only requirs 3.5% down payment, it will usually carry a higher mortgage insurance (MI) premium. If you have the 5% to put to down, we can look into a single premium MI program that will probably give you the lowest effective payment.
I'd be happy to assist you further and answer any questions you may have. I am a licensed loan officer in the state of Texas with a nationwide direct lender. Please feel free to contact me.
Joshua A. Lerette
Senior Loan Officer
Residential Finance Corporation
800.930.7334 Ext. 1108 â€“ Toll Free
813.402.4637 â€“ Direct Line
727.488.7355 â€“ Cell
888.692.5967 â€“ Fax
REALTOR | Mortgage Broker | Consultant
Keller Williams Realty | 360 Lending Group
If you don't have one or both, I'd be happy to speak with you and give you some names of great financing people who can answer all of your questions on FHA and traditional mortgages. Call or email me if you are interested.
Because it's more than real estate. It's RAYL-Estate!
Brian Rayl, REALTOR, e-Pro, SFR
Keller Williams Elite Park Cities
What I often see is not what type of loan or how much down payment, but how long it has been since you last purchased or owned a home. The number I usually see is 3 years, but could be different with different programs.