I want to buy a 2nd home, but I have to classify it as investment property due to my recent refinance of my primary home.
Since my recent refinance have a very good rate and the HELOC rate is also very nice (Prime - 0.75%), so I don't want to use the option that to refinace my exisiting primary home as investment property home loan.
The two issues I want to be super clear,
1) In order to have 30% downpay and 2 months PITI reserves on both mortgages, I need to take 401K loan
Question 1: Does the 401K loan disqualify me for a new loan
2) If qualified and have bought the new home as investment property, and I can be sure that I don't want to rent it out
Question 2: Since this is investment property loan, can I still deduct the tax and interests like my primary mortgage does?
My original questions are
所有跟帖:
• 2)qustion 2;yes, you can still deduct the Tax, interests, and ev -花想月容- ♀ (0 bytes) () 11/16/2013 postreply 14:47:10
• Yes both of them -Jjj7- ♂ (0 bytes) () 11/16/2013 postreply 14:59:36
• #2, Yes in different terms for tax purpose. All mortgage interes -knp- ♂ (25 bytes) () 11/16/2013 postreply 15:14:31