All Forum Posts by: Chris Kircher

I already have a heloc with this property and am coming up on 20% equity. I also just finished a refi this month that slashed my rates from 4.5 in a 30yr to 2.25 for 15yrs. 

So yes. I currently live in a more expensive house, but it would make financial sense for me to rent that one out and move into a cheaper one for a year or so in order to get owner occupied rates and then rehab/flip it or BRRRR it. Like Stephen said, the bank thinks I'm wanting to get lower rates and down payment on a rental, but I would definitely stay in it the required year as to avoid mortgage fraud. I just wanted to see if anyone has successfully navigated this issue before.

Hello. I own a property in Baltimore city that I am considering renting out fully. I believe I can get $3000 a month for this property, as it is in a highly desirable area. I looked into the possibility of buying another property that is much cheaper, and doing a live in flip in that property. When I reached out to several lenders, they said that I would have an issue downsizing from my more expensive house to a lower priced house, and that the only way that I would be able to get owner occupied conventional rates would be if I upgraded into a house that was worth more than my current property. Has anybody else navigated an issue like this, and if so, how did you do so? I’m aware that I could go the cash/private money route, but I’m trying to take advantage of 3.5% down. Thanks.