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New mortgage rules and investment property

Postby Omid Jalili » Fri Aug 31, 2012 06:02:10 AM

You should consult your mortgage broker as he can tell you that how much down payment you will need to purchase home. I think the down payment you have is not enough so you should ask mortgage broker.
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RE: New mortgage rules and investment property

Postby average_joe » Sun Jul 04, 2010 11:41:18 AM

I guess nothing is stopping you.
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RE: New mortgage rules and investment property

Postby patrong » Tue May 11, 2010 09:45:32 PM

I already have a preapproved mortgage with 5% down. What is to stop me from taking out the 90% equity on the condo right now then later purchasing the new property and adding condo rental to the qualification numbers?
rs
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RE: New mortgage rules and investment property

Postby average_joe » Tue May 11, 2010 08:46:43 PM

The downpayment required now is 10% and you might need as much as 20%.
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New mortgage rules and investment property

Postby patrong » Tue May 11, 2010 08:09:25 PM

I own a vacation home and a condo. I want to take equity out of my condo for a down payment on a new house to live in and then rent out my condo. How much equity can I take out of the condo and still make a 5% down payment on the new house?
rs
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