Posted on: 29th Apr, 2011 03:21 pm
we purchased the property adjacent to us and paid cash. we currently have a home with a mortgage, but want to mortgage the other home. what kind of stipulations are there, what kind of loan would be best--mortgage or home equity, is there a waiting period between purchase date and mortgage? we will be receiving income for the property and plan to later sell it.
This would be a NON Owner occupant loan. As long as you have great credit, verifiable income, and are not taking out more than 60% of the value, you wont notice much of a difference to the rate from a owner occupied home. You can contact me to discuss further. We are a direct lender, FHA and Conventional products. Good Luck!