[quote=sdrealtor]Its possible as long as you have enough equity and can prove you have a tenant coming (lease and deposit check). You really need to to talk to an expert. Most lenders out there are “Sure, I can get it done guys”. They say they can but dont really understand what it will take and try to figure it out along the way. Its hard to find someone who isnt a “Sure, I can get it done guy”.
let me know if you need one. I have someone with 20 years experience who will take you what you need to know and if you are really serious he will take you through underwriting before you even write an offer. Thats what you really need to do.[/quote]
It’s very tough now. I was told by experienced lender that for a newbie, the lenders pretty much want several months of rental history before they would even consider 50% of the rental income.
