Buying a new home and having my condo rented out
I bought a condo 3 years ago at $250k and currently owe around $150k. I can pay $50k towards the principal in the next 2 months and I want to buy a new home and have the condo rented out. Friends have said that I need to lease the condo first before applying for a loan. Is this true? I want to rent it out when I find a new place to move out to. by dunstan271 from null, California. Aug 22nd 2022
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
if you can afford and qualify for the present condo payment plus HOA in additon to the new loan payment - you do not need to have the condo rented out 2) if you cant qualify with both payments - you can rent the condo so that a portion of the monthly rental income can be used to help offset the condo mtg payment 3) you dont need to have the condo rented before applying for the new loan but you will need to have the condo rented before the new loan can close
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