I’m looking for $53K loan on a house I offered $93K for. I have one mortgage @ Wells Fargo, should I go back?

Deal Score0

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.

1 Comment
  1. Reply
    Cheryl G
    April 29, 2011 at 11:28 pm

    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.

    Leave a reply

    Register New Account
    Reset Password