2 Responses to “What are my options in getting a new mortgage; will it be a regular one or an investment mortgage?”

1. ghothem says:

   October 19, 2009 at 9:40 pm

   As long as you plan to live in the new house it should be an owner occupied mortgage. However, you will need to have a written lease on your current home to count the rental income in qualifying for the new mortgage and generally they count the rental income at 50% of what you receive.
2. Beth L says:

   October 23, 2009 at 2:57 am

   it depends on exactly how long ago you purchased your current home. FNMA (Fannie Mae) will acknowledge you purchase of the existing home, and in some states it must be over a year ago. Also, most Lenders will require a Comp Rent Schedule on the current home, as well as you would have to have 30% Equity in your current home in order to use if as a rental home with rental income. Maybe you can carry both payments. I work in the industry and it really is different state by state. Good Luck