Quote:
Originally Posted by RANDY P
Nothing will happen, but getting approved for the investment as primary may be an issue.
1- What is proof the former home is NOO now? is there a renter present with a contract and proof of payment received? How long has it been rental? Have you declared rental income on tax return? I won't be refinancing the former home - it is currently at 2.75% - I've lived there 28 years. Yes, I declare rental income on my tax return as I have 3 rental properties (this new one is the 3rd)
2.- Is the investment a nicer home than your other home? I don't think that matters here. My primary is 2000sqft and the new rental is 2500 sqft. Both are suitable for me to live in. It would NOT make sense to say you live in a smaller house, the original house not being a rental, and no proof you have been living there. The investment property is larger than my current home. It cost 5 times as much and the current mortgage is 7.9% - this is the property that I will eventually refinance.
3- Where are the bills sent? Investment or your existing home???
I just installed an exterior locking mailbox and I was considering having my mail delivered there. There should not be any tenant mail as this will be rented short-term to nurses and execs.
The new house is too close to the existing primary unless you can meet those requirements.
|
All of this is my own research as I need interest rates to drop further before I refi. I'm currently just doing my homework.