I want to keep my current home, use it as a rental, and buy new - what are the requirements?

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Contributor

I am going to be buying a new home. My kids are soon to be of school-age, and the districts are horrible (or non existent) where our current house is located. However, it is an amazing home on the water...and would make a great rental property.

If possible, I'd like to keep my current home as a rental property, and buy a new one.

What are the requirements these days for floating two mortgages? I know it is more stringent than it used to be.

 

I have people lined up to rent my house long-term when the decision is made.

Any input is appreciated.

Thanks

3 REPLIES

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CoastieFire, Thanks for reaching out.  You may visit the Buying and Selling guide on usaa.com for some helpful tips.  Also, I recommend contacting the bank at 1-210-531-USAA (8722) to discuss more specific Mortgage questions.

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And I am looking into violations of the Fair Housing, Fair Credit Act, and USC codes in terms of USAA responsibility and due process regarding loan processING and underwriting obligations. By telling my son to re-apply, you impact his credit, which he has EARNED as Tier 1, and impacted closing costs and fees due to your failure to determine income disparities (receiving proof of MORE income than the loan processor typed in on the application, and my son able to identify WHY, if only the question had been asked before denying him). Discrimatory practices in order to make more money by having buyers reapply due to failure by USAA loan processors and 3rd party underwriters.
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SeniorMgr, Thanks for reaching out to us in Community.  This is not the experience we want for our members. We have escalated your concerns to a representative who will reach out to discuss this matter.