Taking out a second mortgage for another home?
My husband is a Naval Officer and we purchased our first condo/home a little over six months ago with a VA loan.
Next year my husband is changing stations. We would like to buy a new home at the next location while turning our current place into a rental property. We’re already in contact with a property management firm, but I was curious.. How would opening a new mortgage work? Would we even be able to qualify for a mortgage for a second home with our first? Do they take into consideration we would be renting our current residence?
Thanks for the information
When we took out our first mortgage our lender (or the person who processed our loan) was aware this residence would eventually be used as an income property. I’ll have to call and check on that. Thanks for the excellent information.
So another young person question:
I watch these programs on HGTV that come in and help people fix up their homes so they sell. People on these shows usually have already purchased a new home and are “afraid of carrying two mortgages..” If it’s so difficult to get a mortgage for a second home, how do they do it?