I HAVE A MORTAGE ON A HOME ALREADY AND ALSO HAVE A EQUITY LOAN ON THE SAME HOME. IM WANTING TO MAKE THIS HOME A RENT HOUSE AND BUY A NEW HOME. MY

Asked by Lynn Sinks, 75103 Thu Feb 25, 2010

CREDIT SCORE FROM EXPERIAN ADVANTAGE IS 786. WILL LENDERS GIVE LOANS ON A SECOND HOME??

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Texas Banker’s answer
Texas Banker, , Houston, TX
Thu Feb 25, 2010
If the new home is an upgrade from the previous one you will qualify as a primary residence.

Meanwhile you need to make sure you can carry both homes.

I suggest you get pre-approved ahead of time.

Let me know if I can help.

Erik Konar
Mortgage Banker
ekonar@patriotbankusa.com
Office: 281-583-0674 Fax: 713-400-8915
0 votes
, ,
Thu Feb 25, 2010
This next home will be a primary residence(not considered a second home). The old one will just be a rental.
Yes, this can be done. But you will need equity in the old property.
How much equity do you have in the soon to be rental?
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Jerry Sachs, , Jacksonville, FL
Thu Feb 25, 2010
You don't need a loan on a "second home". What you will need is a new Primary Residence loan when you buy your new house. With the credit score you are showing, as long as you have the income and low debts, you should be okay. I'd be glad to help.

Jerry
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