So,yes,you can rent out your current home and get another mortgage. Most of our homeowners who ask us this question are able to buy a new home and rent out the old one.
People also ask
Can I rent out my house and get another mortgage?
You can rent out your current house and get another mortgage to buy a new house. Many homeowners call us and ask whether they should rent out or sell their home. (See Should I Sell Or Rent Out My Home?
Can you rent out your house with an FHA loan?
For example, owner-occupants purchasing their homes with FHA-insured mortgages are expected to occupy them, not rent them out. Fannie Mae and Freddie Mac also prohibit their residential mortgage borrowers from renting out their homes during their first year of occupancy.
Can I get an additional mortgage to buy another home?
Here are some ideas on how to get an additional mortgage to potentially purchase another home. If you already own a house, you understand that the costs of home ownership go beyond mortgage payments.
Can I Rent my Old House to buy a new one?
Before you get all excited about the new house, you need to consider several factors. Obtaining a mortgage for the new house may be more of a challenge than you think. Home Owner Associations have the power to stop you from renting your old house. Check the rules, regs and covenants.