Turning Your Current Home Into a Rental? Here’s Your Step-by-Step Guide
- marketing928870
- Nov 10
- 2 min read
🔑 1. Clarify Your Goal
If your plan is to buy a new home as your primary residence and convert your existing home into a rental property, make sure you outline your goals clearly. Knowing your strategy upfront helps shape your financing, taxes, and long-term investment plans.
📈 2. Review Your Credit Scores
Your credit score plays a big role in determining your mortgage options and interest rates. Here’s what to aim for:
580+ for FHA loans
620+ for Conventional loans
700+ to qualify for the most competitive rates and programs
Strong credit means stronger buying power especially when you're juggling two homes.
🏠 3. Review Your Financing
Before moving forward, take a close look at your numbers:
Can you qualify for two mortgages?
Do you have enough income to comfortably support both properties?
Have you factored in ongoing costs like mortgage payments, homeowners insurance, taxes, maintenance, and potential vacancy on the rental?
A solid financial plan protects you from surprises and sets your investment up for success.
At LJ Mortgage Team, we’re your local guide to homeownership and smart property transitions. Whether you're buying, refinancing, or building long-term wealth through real estate, we're here every step of the way.
📍 127-03 Rockaway Blvd, South Ozone Park, NY 11420
📞 (516) 218-1297
LJ — Your Local Guide to Homeownership!
127-03 Rockaway Blvd South Ozone Park, NY 11420
(516) 218-1297
LJ Realty Team Buy - Sell - Rent Equal Housing Opportunity
LJ Mortgage Team Inc. NMLS# 2120286Purchase & Refinance NYS Registered Mortgage Broker, NYS Dept. of Financial Services. Broker arranges mortgage loans with third-party providers. MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR MORTGAGE CORRESPONDENT LENDER. Licensed by the N.J. Department of Banking and Insurance. We Do Not Make Any Mortgage Loan Commitments Or Fund Any Mortgage Loans.
NMLS ID # 212028
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