Updated over 7 years ago on .
Basic equity and renting out 1st home question
Basic question.
If I have 35% equity in current residence, can I get approved for loan on new home and still pull equity out for the down payment?
Or will that reduce the equity in first home so much that I won’t be approved?
I.e have 200k equity
New loan DP needs 150k
Leaving 50k equity in house valued at 450k.
Or do I need to wait until current home has closer to 60% equity before renting out?
Thanks
Kevin