Menu

Home › Forums › Housing › New “Buy-and-Bail” rule

Viewing 15 posts - 16 through 30 (of 46 total)
1 2 3 4
  • Author
    Posts
  • July 24, 2008 at 1:10 PM #246117
    gn
    Participant

    Just to be clear, consider the following scenarios:

    1. John currently owns & lives in a house. He has 30% equity in that house. He wants to buy another house to live in & rent out his current house. Does he need to be able to carry the payments on both homes to qualify for the loan ?

    2. Mike currently owns & lives in a house. He wants to buy another house to rent out. The house he wants to buy is currently vacant. If Mike has a 30% down payment, does he need to be able to carry the payments on both homes to qualify for the loan ?

    July 24, 2008 at 1:45 PM #246142
    PadreBrian
    Participant

    This is fantastic news. I heard about it last weekend.

    July 24, 2008 at 1:45 PM #246360
    PadreBrian
    Participant

    This is fantastic news. I heard about it last weekend.

    July 24, 2008 at 1:45 PM #246354
    PadreBrian
    Participant

    This is fantastic news. I heard about it last weekend.

    July 24, 2008 at 1:45 PM #246298
    PadreBrian
    Participant

    This is fantastic news. I heard about it last weekend.

    July 24, 2008 at 1:45 PM #246293
    PadreBrian
    Participant

    This is fantastic news. I heard about it last weekend.

    July 24, 2008 at 1:54 PM #246152
    PadreBrian
    Participant

    [quote=gn]Just to be clear, consider the following scenarios:

    1. John currently owns & lives in a house. He has 30% equity in that house. He wants to buy another house to live in & rent out his current house. Does he need to be able to carry the payments on both homes to qualify for the loan ?

    2. Mike currently owns & lives in a house. He wants to buy another house to rent out. The house he wants to buy is currently vacant. If Mike has a 30% down payment, does he need to be able to carry the payments on both homes to qualify for the loan ?[/quote]

    The way I read it, yes on both. He will have to show he can afford to make the payment on both.

    July 24, 2008 at 1:54 PM #246308
    PadreBrian
    Participant

    [quote=gn]Just to be clear, consider the following scenarios:

    1. John currently owns & lives in a house. He has 30% equity in that house. He wants to buy another house to live in & rent out his current house. Does he need to be able to carry the payments on both homes to qualify for the loan ?

    2. Mike currently owns & lives in a house. He wants to buy another house to rent out. The house he wants to buy is currently vacant. If Mike has a 30% down payment, does he need to be able to carry the payments on both homes to qualify for the loan ?[/quote]

    The way I read it, yes on both. He will have to show he can afford to make the payment on both.

    July 24, 2008 at 1:54 PM #246303
    PadreBrian
    Participant

    [quote=gn]Just to be clear, consider the following scenarios:

    1. John currently owns & lives in a house. He has 30% equity in that house. He wants to buy another house to live in & rent out his current house. Does he need to be able to carry the payments on both homes to qualify for the loan ?

    2. Mike currently owns & lives in a house. He wants to buy another house to rent out. The house he wants to buy is currently vacant. If Mike has a 30% down payment, does he need to be able to carry the payments on both homes to qualify for the loan ?[/quote]

    The way I read it, yes on both. He will have to show he can afford to make the payment on both.

    July 24, 2008 at 1:54 PM #246364
    PadreBrian
    Participant

    [quote=gn]Just to be clear, consider the following scenarios:

    1. John currently owns & lives in a house. He has 30% equity in that house. He wants to buy another house to live in & rent out his current house. Does he need to be able to carry the payments on both homes to qualify for the loan ?

    2. Mike currently owns & lives in a house. He wants to buy another house to rent out. The house he wants to buy is currently vacant. If Mike has a 30% down payment, does he need to be able to carry the payments on both homes to qualify for the loan ?[/quote]

    The way I read it, yes on both. He will have to show he can afford to make the payment on both.

    July 24, 2008 at 1:54 PM #246370
    PadreBrian
    Participant

    [quote=gn]Just to be clear, consider the following scenarios:

    1. John currently owns & lives in a house. He has 30% equity in that house. He wants to buy another house to live in & rent out his current house. Does he need to be able to carry the payments on both homes to qualify for the loan ?

    2. Mike currently owns & lives in a house. He wants to buy another house to rent out. The house he wants to buy is currently vacant. If Mike has a 30% down payment, does he need to be able to carry the payments on both homes to qualify for the loan ?[/quote]

    The way I read it, yes on both. He will have to show he can afford to make the payment on both.

    July 24, 2008 at 1:55 PM #246313
    seattle-relo
    Participant

    How do they determine that the property has at least 30% equity? Do they have a new appraisal done?

    July 24, 2008 at 1:55 PM #246307
    seattle-relo
    Participant

    How do they determine that the property has at least 30% equity? Do they have a new appraisal done?

    July 24, 2008 at 1:55 PM #246157
    seattle-relo
    Participant

    How do they determine that the property has at least 30% equity? Do they have a new appraisal done?

    July 24, 2008 at 1:55 PM #246375
    seattle-relo
    Participant

    How do they determine that the property has at least 30% equity? Do they have a new appraisal done?

  • Author
    Posts
Viewing 15 posts - 16 through 30 (of 46 total)
1 2 3 4
  • You must be logged in to reply to this topic.