Home Buying in Tampa>Question Details

cher2871_5, Home Buyer in Tampa, FL

can i take a loan out on my rental property to perchase my family home?

Asked by cher2871_5, Tampa, FL Mon Mar 4, 2013

--
This question was asked from this property: http://www.trulia.com/property/4058682-10345-Green-Links-Dr-…

Help the community by answering this question:

Answers

9
Contact a lender and they can tell you if you will qualify based on your specific details.

If they cannot assist you, you might want to attend one of Dave Ramsey's Financial Peace University Classes, it may be the best $89 you have ever spent.

http://www.daveramsey.com/fpu/locations/org/26425/class/2254…
0 votes Thank Flag Link Tue Mar 5, 2013
If you have enough equity in your rental property the answer is yes. Like any other mortgage applicant you will need sufficient Assets, Income and Credit
0 votes Thank Flag Link Tue Mar 5, 2013
If the rental has equity you may be able to tap into it, depending on how leverage you are in other avenues.

Trulia has a "Mortgage" Tab at the top of the page, click on that tap and you can follow the pre-approval step and a Trulia approved lender will contact you to go over the details.
0 votes Thank Flag Link Tue Mar 5, 2013
i am looking for a home in twinbranch fl or score is 643 both or score are the same we dont have debt
we just have a income property we are makeing 1500 a month for income from the house the morgage is 1414 with taxes included we dont have a down payment my dad die and i had to use my down payment so i dont now what to do. Can someone advise us what step we should take nowwe both have jobs.
0 votes Thank Flag Link Mon Mar 4, 2013
Hi,

Also you might want to check with a credit union. They often will lend when other typical banks and mortgage companies will not.

This property in The Greens is now pending sale but other will come up.

Did you see the Waterchase Bank owned property on Royce Waterford? You may be able to negotiate down the price.

Here are details:

http://mfr.mlxchange.com/DotNet/Pub/EmailView.aspx?r=1598836…

If you're not yet working with a Realtor, you're welcome to sign up for a free Listingbook account on my website:

http://www.SoldOnTampa.com

Also here's a very helpful website about how to shop for a mortgage:

http://www.MtgProfessor.com

All the best,
Alma
Alma Rose Kee PA
Future Home Realty
813.244.9898
http://www.SoldOnTampa.com
0 votes Thank Flag Link Mon Mar 4, 2013
You could also create a note yourself with the rental as security and use as the note as currency towards the purchase of your family home. Why deal with banks if you don't have to.
0 votes Thank Flag Link Mon Mar 4, 2013
No way to top Lisa Reeves answer. She did an excellent job! However, in the lending world it is best to shop around to get the best loan terms possible. Jerry Ballentine at Bay to Bay Lending really knows the mortgage business and it is worth giving him a call at 813-251-2700, ext. 117 or Jerry@baytobaylending.com.

Our team would also be happy to help you find a great home at a great value as well.

SIncerely,

Fred Strickroot
HomeNet
727-478-8997
0 votes Thank Flag Link Mon Mar 4, 2013
Depending on your credit, income and cash flow on your rental property - you should be able to get about 75% as a cash-out refinance. This would be better than doing an equity line. You will need to be able to show at the minimum one year tax returns of the income. Remember your closing costs will be factored into the 75%. Contact Kevin Reeves at 813-728-4992 if you want to work with a great mortgage lender - he closes about 75% of my deals!

You will need 120K plus closing costs to do a conventional loan or if you can qualify for a jumbo at least 20% down payment. Contact me directly if I can provide any other information.
0 votes Thank Flag Link Mon Mar 4, 2013
Cher,

Are you asking if you can take out home equity loan on a rental property you own? Then yes. I work with several lenders who help people find the right finanacing for their situation. Please send me an email at THOYT@prutropical.com or review my profile on Trulia and send me a message. I can then send you the information for the lender that can help you the best with your circumstances.

No pressure, just help.

Tracy Hoyt
Realtor
Prudential Tropical Realty
0 votes Thank Flag Link Mon Mar 4, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer