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Author Topic: Primary Home into Rental  (Read 3181 times)

Offline yellowclaw

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Primary Home into Rental
« on: February 04, 2005, 02:40:33 pm »
I would like to refinance my primary home take some money out and turn it into a rental home.  Is this something that is commonly done and how do I go about doing this?  I currently owe 115 on the home.  The appraised value for the home should be in the low 200ís.  All comments are welcomed and thank you in advance.

Offline kbird

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    • Little City Properties, Win-win Solutions for Austin Home Sellers
Re:Primary Home into Rental
« Reply #1 on: February 04, 2005, 03:58:42 pm »
Sure it's common - just call a few mortgage brokers in your area, preferably ones who specialize in lending for investment properties.

Tell them you plan to rent it and want a cash out refinance. You should be able to get a new loan for 75-85% of appraised value. Be sure to look at how much you will have to pay in fees and closing costs - not just the final payment amount.
Kary Aycock
Principal investor, Little City Properties, LLC
Private hard money lender, Little City Lending, LLC
Realtor and Broker, Austin Board of Realtors
www.littlecityproperties.com

Offline Mortgages

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Re:Primary Home into Rental
« Reply #2 on: February 06, 2005, 06:59:21 am »
What's your time frame, you could go as much as 90% cash out depending on your Profile: credit, reserves, mortgage history, and employment income prove ability (stated vs. full doc) I would look for correspondent lenders and mortgage bankers, not brokers.  The correspondents and bankers have much more flexibility than brokers in getting things done.
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