Home Buying in 02190>Question Details

ACS, Home Buyer in East Weymouth, MA

Can I buy an investment property if I have an existing mortgage on my primary residence?

Asked by ACS, East Weymouth, MA Sat Jul 6, 2013

I own a condo in 02190 where my boyfriend and I both life. He works in 01915: too far too commute. I would like to purchase an investment property that he would essentially rent from me. I have an FHA loan now. What would I need, and what would I need to know, about applying for another mortgage on an investment property?

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Answers

7
What type of investment property? down payments are much higher.
Can he buy something with 3.5% down as owner occupied??
0 votes Thank Flag Link Wed Sep 25, 2013
You could buy the property as an investment or maybe he could buy it as an owner occupied property. Call me and we can discuss all the opions available. Check out some of our video testimonials so you can see what our clients are saying about us...
0 votes Thank Flag Link Mon Jul 8, 2013
Yes you can. Go visit with your local bank to work out the details.
0 votes Thank Flag Link Sun Jul 7, 2013
As long as you have 20% +/ to put down and have good credit as well as the income to support both mortgages. You should be fine. Just remember that not all lenders have the same programs and may have different requirements. Shop around.
Regards & good luck
Ron Berquist Authentic Home Finder
0 votes Thank Flag Link Sun Jul 7, 2013
Since its an investment property you would need at least 20% down.
0 votes Thank Flag Link Sun Jul 7, 2013
Absolutely you can. You can be pre approved with a phone call. Just need to know your available funds, your debt and income. A credit report will be pulled. I also offer rehab investment loans if you need to rehab the property.
0 votes Thank Flag Link Sat Jul 6, 2013
you would need the deposit typically 25% for investment property.

It can be a wise investment, but make sure the rental market in the area can support what you need in case he is no longer your boyfriend, and stops paying rent.
0 votes Thank Flag Link Sat Jul 6, 2013
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