[quote=jimmyle]If I stay in this condo until I buy my primary residence would that make it simpler? If I borrow $100K for this condo. Would I have any difficulty borrowing $400K for the primary residence later with 20% down? Our income is around $150K.[/quote]
If you’ve already had the condo rented out for a while (how long depends on the lender), they will count part of the rent as income. Usually 75% is my understanding. Sounds like this deal would put you a few hundred in the red where the bank is concerned, so they’ll count that as a liabilty along with other debt when they decide if you can afford the loan for the primary. Just stay debt-free and you’ll pull it off easy.
