I’m about to buy 2 condos in NY - both of them for investment but...
in order to be approved for the amount necessary - I need to LIVE in one of the apartment at least 6 month or 1 year, depend which broker you ask...
(the reason is because then as part of my expenses the bank will look of my rent payment, so it will reduce the amount I can take for the loan...)
my idea is, to really move to 1 of this apt. for some time and the other one rent (so I will not have my own rent to pay - so I can get more mortgage) and once i finish the period time necessary - so I can move and rent this apt. as well.
my questions -
1. somebody know how long really I need to LIVE in this apt?
2. once I move out and rent it - do I need to let the bank knows about my move? so they will re-calculate my situation from the beginning?
3. after closing and everything and if the payments are good and on time - the bank has any right to check what I’m doing with the property? (rent or live there)
I really appreciate for your feedback!!