Posted by RC on February 25, 2002 at 15:43:26:
If you submit a letter of “intent to rent” with comps to show the lender tha you will be able to make money from your current house it may actually improve your buying power by decreasing your debt to income ratio. As far as putting into a business you can form your corp, LLC or the like put the property into a land trust and assign it to the company.
Business and my house??? - Posted by Mitchell
Posted by Mitchell on February 25, 2002 at 15:18:51:
Hello,
Not sure how to word this but:
I want to rent my home out. If I form a business can that business assume my mortgage? In other words I will need to purchase a new home but if I keep my current one I will qualify for less of a loan. Can I for a business and “sell” my mortgage to them in order to qualify for a higher mortgage myself?
Thanks, I am new to this and trying to understand legalities.