Home › Forums › Housing › RUMOR: Buying another house while you currently own one… › I asked Wells Fargo Mortgage
I asked Wells Fargo Mortgage about this 30% rule and I was told it was not a requirement.
Maybe that rule is for Fannie Mae backed loans only.
The larger problem is renting out your current house – there are already an inordinate amount of scoundrels in California without a bad economy.
In a bad economy, the likelihood of getting screwed by a tenant is very high IMO.
For most, buying a 2nd home will lead to financial disaster.
