Posted on: 05th Nov, 2012 01:06 am
i have a conventional loan on my primary residence. but it is underwater and i can’t refinance. my family has grown and we don't fit in the house anymore. i would like to move into a larger primary residence and rent out the current property since i cannot sell it. i know that i could seek conventional financing to do this, but this would require a substantial down payment (have friends that did this and had to come up with 20-25%). don't quite have that much liquid cash right now, so was wondering if it is possible to obtain fha financing for a primary residence when i already have conventional on what would become an investment property once i move into the new home.
In case of a conventional loan, you will require around 20% down payment. But FHA loans are available at a low down payment. So, you can consider applying for it. Now it will be the lender's discretion whether or not he will give you a loan when you already have a property with mortgage.
Hi kilburn!
Welcome to forums!
You can contact the local FHA lenders and apply for a mortgage. This community has a large number of lenders. You can go for a no obligation free mortgage quote from them and get to know whether or not you can qualify for a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can contact the local FHA lenders and apply for a mortgage. This community has a large number of lenders. You can go for a no obligation free mortgage quote from them and get to know whether or not you can qualify for a loan.
Feel free to ask if you've further queries.
Sussane
Why refi? You should be able to rent for enough to cover TMI: Taxes, Mortgage, and Insurance. Contact a local real estate agent to find out the comparable rents in your area.
