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Just bought a primary residence this summer , but want to buy a bigger house.

Hi all,

I just bought a house lo live in - 225k loan. I am pretty sure I can qualify for a higher loan - arround 400k. I want to get a higher loan (total 400k) and buy a bigger house with my fiance. He would put 20% down and we will be leaving there. However I don't want to sell my house right now, but keep it and maybe convert to rental property. I have an owner occupied loan. What are my options? Should I refinance or ....
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October 06 2013 - US
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October 06 2013
If you want to refinance your current loan it appears it would be classified as a rental property.  If you would like to get more information please contact me via my profile.
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October 08 2013
Profile picture for wetdawgs
Please review your finances and mortgage hopes with a lender so you can share details that you wouldn't want to put on a public forum.

For example, you are "pretty sure" you would qualify for a $400,000 mortgage.  Is that in addition to the $225,000 mortgage you just took out to buy your primary residence, or would you have to subtract $225,000 from your "pretty sure" amount.

Get input from your lender of choice on how long it is until you can count rental income.

When purchasing with a partner who isn't recognized in a legal sense ("boyfriend" vs marriage, business partner etc), make sure you sit down and come up with a legal agreement about the contributions and expectations should you separate.  Use an attorney.

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October 08 2013
 
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