Answers (1)
- Kara Moll, "Kara Moll"
- Contributions:14
That's a tricky question given the ultra-conservative lending world we're currently living in. The best answer is, "It depends." Do you own the condo free and clear or do you have enough equity to scrape up a down payment?
If you own it outright, a local bank will most likely be your best bet. They'll place a lien on the condo and your purchase property and make sure that the loan amount is within their Loan To Value guidelines for lending.
If you don't, then there is a whole new set of rules for renting out the property. For instance, you'd have to have at least six months payments reserves in a bank account to cover months that you may not have it rented.
Your best bet is to speak with a local bank -- they are more open to non-cookie cutter type loans.
If you own it outright, a local bank will most likely be your best bet. They'll place a lien on the condo and your purchase property and make sure that the loan amount is within their Loan To Value guidelines for lending.
If you don't, then there is a whole new set of rules for renting out the property. For instance, you'd have to have at least six months payments reserves in a bank account to cover months that you may not have it rented.
Your best bet is to speak with a local bank -- they are more open to non-cookie cutter type loans.
Can equity in a condo be used as a down payment on another property?
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