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Updated almost 8 years ago,
- Rental Property Investor
- Washington Township, NJ
- 976
- Votes |
- 1,413
- Posts
Primary Residence Mortgage without 2 years rental history?
Something I knew but nonetheless seemed to have buried deep in the recesses of my mind...but I called a bank today about getting pre-qualified on a mortgage for a new primary residence. I have two properties I purchased last year in an LLC that were rented out in the past two months for the first time. Add to that I plan to rent my current primary residence...and basically I was told there no chance of getting pre-approved. Now I realize this is just one bank and I have every intention of calling around, but I figured that I would throw the question out there to the BP community because I can't imagine I'm the only one that's had this come up in the past. How have other folks handled this? Any regional (South Jersey) or national lenders that are more flexible to investors on their individual mortgages?
I haven't had an issue getting my commercial mortgages approved...but I know that most residential loans are Fannie/Freddie friendly and adhere to totally different guidelines.
Anyway...I appreciate any thoughts and perspectives anyone's able to provide!