Question : How hard is it to refinance your home as a rental property?
Our current mortgage needs to be refinanced no matter what we decide to do, but we are considering using the home we live in as a rental and buying another house to live in. Our mortgage now requires that we live in the home. How difficult is it to refinance as a rental property? Our credit is good. Has anyone out there done this?
- asked by edernshelm
All Answers:
Answer #1
Most lenders will just require an assignment ofrents and leases if you have checked zoning andgotten the permits and the things needed to set upa rental property in your state
- answered by wizjp
Answer #2
I do this every few years. My parents have doneit my entire life. I grew up in houses being"fixed up". You won't have a problem. Myparents now live entirely off of rent, and livevery well.This is not a problem. In CA you don'tneed any permits, I don't know where the otherposter lives, but I have never heard of that.SomeHOA disallow renters, so you need to check that ifyou are in one of those communities.The mortgagegets redone as an investment, which changes yourtaxes a bit. Use a tax professional to keep itstraight and get all of your benefits.
- answered by TheMom
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