And Rent The First: How To Buy A Second Home

: While you can get a primary residence loan for as little as 3.5%–5% down for the new home, having 20% equity in your first home is often required to avoid Private Mortgage Insurance (PMI) or to tap into equity for the new down payment. 🏠 Converting the First Home

Lenders typically view "departing residence" scenarios differently than standard purchases. how to buy a second home and rent the first

: You will likely need "reserves"—liquid cash (often 6 months of payments for both homes) tucked away in a savings account to prove you can handle vacancies. : While you can get a primary residence