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Updated about 6 years ago on . Most recent reply

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Carlos Rivera
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Buying a new primary residence

Carlos Rivera
Posted

I'm looking to buy a new primary residence within the next 18 months.  Key to this is I desire to convert my existing primary residence to a rental.  I current owe about 80% of the value on the mortgage.  Are there ways to not have the existing mortgage hinder me as I search for a lender for a new mortgage.  I've heard everything from forming a holding company for my current primary residence and have that become an asset/liability for the holding company to moving out of the residence for 1 full year and becoming a renter again to show that the home is truly a rental property before a lender would consider working with me.  I am a veteran so I don't know how that figures into a lenders thinking.  Thanks.

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