Buyer Tips
Purchasing a New Primary Residence
February 23, 2010 by Jane Peters · Leave a Comment
If you are looking to buy a second home and wish to keep your previous home as a rental here are your options:
Your primary residence must have 30% equity and an appraisal will be ordered to confirm this. A rental survey will also be ordered so that the mortgage payment can be washed out.
or
Both mortgage payments must be included in qualification.
or
The new property would be purchased as non owner-occupied.
