Reply to Buying house with existing tenant?

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[quote=Anonymous][quote=Anonymous]Lots of misinformation here.  First of all, MD is not DC.  End of story on that one. 
I bought a rental property in MD about 18 months ago. Unless something has changed:

- mortgage rate for investment property is 0.5-1.5 percent higher
- you only need 20 percent down (not 30 as mentioned upthread)
- you can only evict tenants if it was written into the lease that way.   This is likely not the case since the listing says they are there until next summer.  You can, of course, evict them if certain terms of the lease are violated.  You can also offer “cash for keys” to entice them to leave earlier. [/quote]

You bought a rental property as an INVESTOR or for PERSONAL USE? There's a big difference in treatment by your underwriter. And yes, you generally need to keep the existing tenants if you intend to rent it out as an investor. Same thing happens in DC.

But OP is talking about personal use of the home, which is a much different scenario from and underwriting and housing regulations standpoint. [/quote]

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