Moving to a new house is a bit easier said than done. There’re many things that must be taken care of and the to-do list can get quite long.
Before you make the decision to rent out your home to tenants, you should know this. A majority of lenders won’t allow new mortgages if the borrower can’t make a 20 percent downpayment on a new home. Lenders have strict requirements and rules set in place against homeowners who own more than a single “primary residence.” It could be difficult to obtain a mortgage for a primary residence before you have sold your original home. For example, the Federal Housing Administration (FHA) has requirements that its borrowers can only hold one mortgage at a time. If your original home mortgage is through the FHA, you may not receive another loan for a second house until the initial balance is paid.
The simple answer is yes. If you are moving and you sell your home beforehand, it’s easier and cheaper process that will supply you with money up-front for a downpayment on your new home. This option also avoids many legal, insurance, and tax hurdles that come along with being a landlord. While this is convenient and by far the best option, many homeowners find selling their home time-consuming and avoid this route. Luckily, HomeGo offers an easy— and fast— way to sell your house.
Before you hit the road, you need to sell your house, and HomeGo knows that time is of the essence. A traditional realtor could waste months of time; HomeGo closes the sale of your house in just seven days. This fast turnaround will give you the money you need to put toward a new house.
With HomeGo, there is no hassle, no closing costs, and no waiting around. Don’t wait any longer. You need to sell your house before you move, so get started on your next adventure now!