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Updated almost 4 years ago on . Most recent reply
Creative Financing Suggestions
Hi Everyone,
My question is, would I be able to get funding for a loan on a new construction home via FHA loan/VA loan if I can have a signed contract with a tenant stating they would move into my house when my new construction home is finished?
Some background...I am wanting to keep/rent out my current home while also having another home built via new construction. Right now, I owe about 222K (VA Loan) on my home, and I had it recently appraised at 270K. My thinking was to refinance, without pulling out the equity, to a conventional loan so I can rent the house out in the future. Then when the new construction home is built, I can rent out my current home and move into the new construction home.
I am wondering if anyone has a similar experience with this when it comes to receiving the proper financing.
I am in the Orlando/Davenport Florida area.
Thank you in advance!
Jacob Kelly