Wednesday, July 22, 2015

Convert your St George Real Estate into a Rental

Our favorite Lender reports the following:
Fannie Mae no longer requires a present (exit) residence to have 30% equity in order for the owner to convert the property into a rental and count the rental income towards there debt to income ratio. This is great news for all of those clients who have not been able qualify for a new mortgage while trying to keep their current home as a rental. 
This rule was put into place after the market crash in an effort to prevent the “buy and bail”. 
If you have a client that fits into this category send them our way, we would love to help.
OK, so if you have anyone this applies to, the good ole boys (ask for Chantry) [and girls] over at SGI Mortgage can take care of you!  And if you want to run out and purchase your other home, well... you can't get any better than the good ole boy, Brian Habel over at SG1 Real Estate team to give you the expert advise in a purchase.