I’m looking for $53K loan on a house I offered $93K for. I have one mortgage @ Wells Fargo, should I go back?
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I will actually move into the new place and rent out the place I have to my brother. Will I run into any problems with this?
Both places combined are probably worth $ 180K but I will have $ 42K financed in my current home and will finance about $ 53K in the new place.
Just looking for some general advice.
Shop around, including Wells Fargo. You shouldn’t run into trouble on your current loan, as long as you continue to make the payments. If a family member is renting it, there should not be a problem with the so-called “investment” property clause.
Try some of the online lenders, as well as other companies in your area. You can get a good idea of what’s available.