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After getting some advice on the boards I decided to ask my mortgage guy can I still qualify for an FHA home and use current property as rental or investment property. With the new FHA loan I would use that as my primary residence. He said I would have to show that I'm able to pay 2 property's. I was thinking about honestly using my home as a HUD rental.
Does this sound right? The whole purpose of this is I qualified for a conventional refinance but when I ask about FHA I was told that my DTI was too high, and he also added student loans in with that and they are deferred for 1yr.
Advice needed. I'm not in financial trouble I just need more space in my home & would really like a newer home.
Is the home a rental or primary? How many units?
The condo that has negative equity is my old primary residence.. I took a job out in Phoenix (where I am looking to buy now). So, it wasn't purchased to be rental property but at this point that's what it has become.
@Anonymous wrote:The condo that has negative equity is my old primary residence.. I took a job out in Phoenix (where I am looking to buy now). So, it wasn't purchased to be rental property but at this point that's what it has become.
So it's not your current primary residence that will turn into a rental, it's already an existing rental property, so as long as you've claimed the rental income on your tax returns you should be fine to include it.