In Texas you can do what are called "combo" loans, which is where you get a 1st mortgage for 80% of the home's value and a 2nd mortgage for 90% or even 95% of the home's value, therefore allowing you to bring in only a 5% or 10% down payment and getting to avoid having to deal with PMI company guidelines. In other states you can do the combo loans too, but most are limited to a total loan amount of 80% of the purchase price, Texans have a big advantage in that department since your home values didn't sink as much as the rest of the country. That would potentially allow you to put down less than 20%, use conventional financing, and be able to get around the 6 months PITI reserves requirement for both homes.
If you are looking for a Realtor to assist contact my office I work with home buyers and tenants. I have been a real estate investor with investment properties certainly assist with knowledge of leasing a your home.
You also receive tax benefits owning an investment property CONFER with your CPA
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
I currently want to lease my first home (till market gets better) and purchase a new primary residence. It was mention to me since I have not rented a house in the past two years thus the 6 months on each. I already prequalified with both payments.
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
North American Lending
Cell# 469 684-9864
Office# 972 759-5271