Question Details

W, Home Buyer in Toms River, NJ

If I buy a home, then rent it out in 1 yr, would I also be able to get a mortage for a home to live in?

Asked by W, Toms River, NJ Wed Sep 24, 2008

I will be moving closer to work, but I'm not sure if I will be staying in the state more than 1 year (I've been saying that for 4 years now). I could rent or buy (I have the down payment). If I buy a home, then have to move in a year or so, I expect the prices to still be too low to recover the amount on the purchase plus the renovations. I thought I might rent out the unit (condo) until prices go back up. But would I then be able to get a mortgage for a home to live in where ever I end up finding my next job?

Thank you,
LA

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