Is it possible that my current mortgage with a deposit for the use of a second home / investment property?
I am currently not working, but I own my home, I am currently in my income for rent (currently tenant occupied a lease per year). I have to move and want a house that has half or less the value of the house I owned and I intend to rent only as a dwelling or duplex to rent roommates now for additional income. From what I read here, a “no doc” loans would be my best bet to get approved, but these types of loans require large down payments and high credit ratings. The deposit is my biggest problem. Can I use my current home as a principal in any way to make a deposit? My chances are better for all if the house I have twice the value of the house, I’m going to buy? Do I consider myself as independent as unemployed if I came back home, how does a lender look at my situation and what is the best thing I can do to get approved for a second home?