There are a lot of things to consider when buying a second home. For instance, will you use the home exclusively, or will you rent it out for tourist season? Did you know income-tax rules are different for second homes and rental income? Did you know some homeowners’ associations have rules prohibiting rentals? This leads […]
People often try to get mortgages to buy condos only to learn that when doing so, the project must be approved by the institution guaranteeing or securitizing the loan. When they discover their coveted condominium is unapproved, they have two options: Either get it approved, or find another place.
While some types of mortgage programs may not be used to purchase investment homes — such as FHA, VA and USDA loans — conventional loans are available for single-family homes from 1-4 units (single family, duplex, triplex and quadruplex). The beauty of these loans is that projected rental income may be used to qualify for […]
Within five years of buying your first home, the chances are you will begin shopping for another one. You may think you should keep your current house because it is a “good investment.”