Will owning property hurt my chances for another mortgage?
Posted 23 April 2012 - 08:09 PM
The second and third is just land that are valued at about $40K total that I own free and clear.
I have a few questions regarding these properties and the mortgage process.
1. Does owning properties free and clear help or hurt my chances to get approved for another mortgage? Does it look like assets or something?
2. What is the best option I can do with the house I own and want to keep? Should I convert it to a rental property? I already have someone who wants to rent it. Does this help the situation?
I contacted the local CU but they were more interested in trying to get me to let them run my credit and "pre-approve" me then they were trying to answer my questions.
Any opinions would be appreciated.
Posted 23 April 2012 - 09:15 PM
Posted 23 April 2012 - 09:35 PM
The only other way it may impact you is if it is an FHA loan and you wanted to buy with FHA (or VA-VA or USDA -USDA)
With all of those programs you can only have one loan at a time with some very rare exceptions.
If it is conventional then you should be fine
Posted 23 April 2012 - 10:26 PM
Brian, I was hoping there wasn't some kind of stipulation like two years of being a landlord. But I figured there would be.
0 user(s) are reading this topic
0 members, 0 guests, 0 anonymous users