I am a RE investor in training. And I just got a property that I am suppose to live in as my principal home. I will rent out the rest of the rooms to generate cash flow. However I want to buy another property to generate more cash flow. But I want to get a low loan rate if possible. Is it possible to get a second loan without having to get an investment loan with high interest?
I had a couple people tell me that in about 5-6 months I can write a letter to my lender and tell them that I dont like to live there anymore for any reason, ie hate the location, don’t like the neighbors, etc. and that I want to buy a second home and live in there. That way I can go out and get me another loan for a low rate and have that as my new principal property, while keeping the first home to rent out for cash flow. These guys already has 6 homes and tells me that is how they has been doing it. Is this legal?
Posts Tagged ‘home’
Getting a second home that I will live in within 5/6 months with a low interest loan.?
VA Home loan, first time home buyer.. Any suggestions?
My hubby and I are looking into buying our first home/investment property. It is a duplex 2/2/1 on both sides. I am still a student so I dont have any income other than fin aid and loans. He makes about 45 K a year. I do graduate in december of this year, so once I do graduate we should be doing well. It is on the market for 140K, hubby was military, so has a certificate for a VA loan. My credit is good, 660 and hubby’s not so good at 590. Wondering if anyone could give me any advice. Is this something we should even be looking into right now since I dont have an income yet. I mean we do rent so we would be paying the same with the exception of the income of the rental unit. We have about 5 K saved so that would help if we came into a crunch. We were also hoping to get 100% financing. Any info would be great!!
Currently have home mortgage as an investment property with a friend?
he purchases a new car, does this affect me or mortgage in any way if he used his credit and his name? reason I am asking is because I went to refi my car and for some reason the loan officer noticed a new car purchased and was wondering if this had an affect becuase I was unable to refi – thanks for your time
loan at 350k 70.5% ltv cashout refi on second home or investment property 739 fico SIVA Hybird option arm 1.25
Start Rate
Where can I get a home equity line of credit (HELOC) on a condominium investment property?
I own a condominium that I rent out and owe nothing on the mortgage. I’ve applied for several HELOCs online, but all have denied me because it is considered an investment property. Does anyone know of any bank that offers this type of loan?
can an investor add someone to a deed if he doesnt have a job to get a home loan or line of credit or refi.?
with strick bank lenders can and investor with no job add someone to the deed or title of his home or investment property to get a home loan line or refi if he owner occupy it,or can he do it with private lender ¬ a bank?
Can I use profit from an investment sale to payoff a home equity loan to avoid capital gains tax?
I recently sold an investment property with some profit and if I use this money to payoff an home equity line on my primary residence, will I have to pay taxes on it?
Can you buy investment property using a first time home buyer type mortgage?
I’m interested in buying a house to rent out, but am wondering if it is possible to get a loan that is not dubbed “investment”, which usually requires up to 20% down payment and carry a higher interest rate than regular mortgages.
Can you take out a home equity loan on your current home to put a down payment on an investment property?
Just wondering if I put a considerable down payment on a home and built more equity over a few years if it would be possible to take a home equity loan out to put a down payment on another home that would be used for investment purposes? A rental property/duple/apartment complex etc….
Of course I realize that the home equity loan would need to be paid back but I was wondering if people out there do this on a regular basis?
If not can anyone give me creative financing ideas when it comest to purchasing multiple homes for investment purposes.
I understand a persons credit score tangible assets can be a determining factor but I have yet to build any considerable assets.
I make close to $250K a year before taxes, would that alone be good enough for banks to finance me?
P.S. – I live in the Dallas TX area and I am looking at properties averaging around $100K as rental properties.
Just wondering if building up equity in homes would allow me to borrow to purchase.
work from home online part time data entry job without any investment?
I am looking for work from home online part time data entry job without any investment,can anyone advice me with geniune websites ??????
Credit is good I have an investment property that is paid in full should I refinance or get home equity loan.?
I want to consolidate my credit card bills and use some of the cash for more property.
I want to consolidate my bills and use some of the cash to purchase additional properties.
Can I refinance my primary residence as investment property & then buy a new primary home with an FHA loan?
My current primary home was purchased with an FHA loan. I’m interested in buying the house next door to me and living there.
How does selling your home to one of those “we buy houses” places affect your credit?
my friend is in financial trouble and wants to sell her house before it gets foreclosed on….we see ads for these places everywhere and I wanted to know if they are legit..I’m sure she doesn’t want her credit messed up more
Mortgage/Realestate Advice. Should I buy now before my other home goes to foreclosure?
I own a home in GA and had to move back to OR several years ago for work. I’ve had renters in the home and everything was working fine until the economy took a dive. My husband and I want to purchase a home here and can afford it but since my renters are not paying their rent on time and we are not getting a lot of interest with it being for sale, we were considering jumping on purchasing a home here and if we can not get solid renters in there we would not be able to make the payments on the GA house and it may lead to short sale/foreclosure status. Can anyone tell me if you have two homes and one goes into foreclosure, does it do anything to the other loan or jeopardize that other house? We are sacrificing a lot to continue making the payments on that other house but would really like to be able to buy a home here with out having to wait 10 years + for credit to be re-established if (god forbid) the house does go into foreclosure.
Second home mortgage vs. investment property mortgage?
We are considering buying a second (vacation) home. A cabin in the mountains, about 150 miles from where we live. It’s much cheaper to get a second home mortgage than an investment property mortgage, but we would ideally like to get some rental income from the property as well. It probably wouldn’t be a lot, definitely not enough to pay the mortgage. I’ve gotten a lot of hemming and hawing from the mortgage specialists I’ve spoken with about whether we’d qualify for a second home mortgage. Is there a specific line lenders use to separate a second home from an investment property? Any rental income at all? Or is there a threshold amount, or a threshold number of days, or percentage of owner occupancy? We’re going to be 100% honest with the lender, but we’d like to know in advance if we need to commit ourselves to a certain limitation on rental use.
Thanks!
I appreciate the answers, but they don’t quite get to the heart of my question, so let me rephrase it.
The home would primarily be for our personal vacation use. But – since we care about not committing mortgage fraud and want to be sure we’re on the right side of the law – we need to know if ANY amount of rental income is too much for that type of loan.
What we have in mind is letting people rent it on weekends we’re not using it. It would never be occupied by a tenant for more than a few days at a time. No long-term lease. It’s in a ski area and I imagine we could find renters for some of the weekends we don’t use it during the winter months.
We would probably stay there several whole weeks during the year, and numerous more weekends, and would probably be the ones to occupy the cabin more than 50% of the time it’s occupied.
Would that situation qualify for a second home mortgage? Or would any rental income at all mean we’d need an investment mortgage?