Financing a second property

Financing a second property

Real Estate Agent · Laconia, NH · Member since 2013 · 2 posts · 0 votes

Hello folks

I need some advice. I have a two family currently valued at 170 180 ish. It is rented bringing in 1900 a month. The current mortgage is FHA . I am relocating and don't want to sell it but leverage it to buy a primary in my new town. I have spoke with a few lenders and there isn't enough equity for a cash out refinancing . Is there any benefit to refinancing it a different way. Bank service is 1200 a month. Any creative ideas?

Thanks, 

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  • Rental Property Investor · New York, NY · Member since 2017 · 11 posts · 4 votes
    8y

    Would a HELOC work for your purposes? I've heard of people using them for a down payment on a second property

    How much equity do you have in the property?

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