If the modification is for the next 30 years and the full balance, you are good to fund a new loan.
If you loan balance was modified, you may not be eligible for new financing. Look into that
also, buying another home while converting your current home to a rental will require that you have 12 months of housing payments as reserves, in addition to coming up with the down payment and closing costs on your new property....this newer lender requirement keeps most borrowers from being able to move up these days......
Feel free to contact me if you'd like me to fully review your situation!
Loans for rentals are different than loans for owner occupied, so if you got your current loan stating you were going to live there you may have an issue. You should seek legal advise to determine if you can proceed. Another consideration is that in order to purchase a 2nd home you will need to have enough equity in home #1 to even qualify for a loan on home #2.
I also noticed you posted a question about a mobile home park, probably would not work for your small business needs- most parks would have rules against that.
Teri Andrews-Murch, Realtor, SRES
Lyon Real Estate
Ca DRE # 01734030
Have you heard of Disability.gov?
This is what the Gov says about their site...
"Disability.gov provides quick and easy access to information about disability programs, services, laws and benefits. You will still be able to search by topic, such as â€œHousingâ€ or â€œEducationâ€ and, if you need local information, you can use the siteâ€™s new â€œInformation by Stateâ€ drop-down menu to learn about your Stateâ€™s programs."
You may wish to check it out, another site that might interest you is the Gov site for all their current loan programs. You can get specific information, compare options, or take a short questionnaire to determine your eligibility for each program.
Good luck, Dunes