Updated about 7 years ago on . Most recent reply
buying my first house
I currently live in a town home that I share ownership with my mother due to inheritance from my grandparents. The home is worth appx. $100,000 and will rent for $1,000/ mo. I found a foreclosure listed at 166,500 that i would like to purchase. I want to rent out my current property and finance the new home without dipping into my savings. Ideally I would like to take out a $45,000 line of credit against my current town house for renovation costs on the current property and down payment on the new property. My credit is in the mid 700's and I expect to earn $65,000 this year. I'm seeking advice in securing financing. Will the bank see it my way, do I secure the line of credit on the current home first or the financing for both homes simultaneously? Do I need to work with separate lenders or one? Any advice would be greatly appreciated.
-Ted