I own a multi-family house in which I live. I want to purchase a single family house to move into and keep the multi as an investment. What are the guidelines for this? My house is worth approximately $200,000 and I owe $156,000 on a mortgage.
Unless there is a prohibition in your existing loan documents that requires you to owner-occupy the property, it is yours to do with as you please. The lender reviewing your qualifications for a new loan will want to know that your cash flow can service all your debt. Depending on your local market, that $44k in equity you believe is there, may or may not account for anything. That is, if a lender wants to see an 80% loan-to-value ratio to start with, you barely exceed that. How the new property cash flows, along with other assets you own, will influence your borrowing abilities.
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Unless there is a prohibition in your existing 