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Updated over 4 years ago on . Most recent reply
Buying Out of State Primary Residence While Renting Current Home
Hello,
Trying to see if someone has done this before and has any tips and tricks or ideas.
I am currently living in a house that I have a mortgage on in MN. I have rehabbed the place nicely, but wish to move to Boise, Idaho about a year from now. I hope to keep this home and rent it out while I am living in Boise.
My hope is to use a conventional/FHA 3% down loan for a property to either househack or have a cheap mortgage in Boise.
Looks like the bank in Idaho will not give me a loan due to my job being in MN. From what I have discovered, I will need to rent in Idaho for a few months and establish having a job there for a few months while also having the MN house rent out for a month before the bank will count its income.
I realize what I am asking may not be possible, but, is there any way I can get an FHA/Conventional 3% loan while they count my current home's rental income before I move out and count my job in MN as income? I will still be getting a job in Idaho once I get there, but I would rather avoid the renting for a few months and moving twice....
Cheers!
Nick