Posted on: 13th Feb, 2009 11:12 am
My husband and I currently own a home with an equity loan mortgage attached to it. We want to buy another house and obtain a mortgage to help finance the purchase. We don't want to sell our current home. We want to have our daughter rent the house for three years and then purchase it outright. Her rent payments would be used to make the equity loan payments.
We don't know where to start or where to go. Can someone help me out?
We don't know where to start or where to go. Can someone help me out?
mekeleka, current standards require you to have at least 30% equity in the home you are moving from, in order to consider the rental income you'd be getting for that home. so...my question: what is your home worth and how much do you owe?
if you answer this question correctly, you'll have the chance to begin your shopping for that new home that you want. what you'll need to do, of course, is to check with your favorite lender to see if you'll qualify. take your pay stubs, w2s, bank statements and get your credit reviewed and you'll be on your way, hopefully.
if you answer this question correctly, you'll have the chance to begin your shopping for that new home that you want. what you'll need to do, of course, is to check with your favorite lender to see if you'll qualify. take your pay stubs, w2s, bank statements and get your credit reviewed and you'll be on your way, hopefully.
My home is worth $298,000 and our equity loan is $140,000. With those numbers, do you think that it is possible to do?
yes, that's a good position you're in.
Thank you so much for your help. It was muchly appreciated! :)