Updated about 8 years ago on . Most recent reply
Loan Requirements on a Personal Residence
I have lived in my personal residence for over 5 years. I'm looking to convert it into a rental (I have yet to confirm the loan documents allow this so as to keep owner occupied financing). When applying for a loan for the new primary residence, do I need to show I can pay both mortgages? At what point will the lender take into account rental income from the to be rental? Are there any other consideration? Thanks!