Posted on: 01st Jul, 2008 03:59 pm
what criteria do lenders look at when renting old house in one state and buying another house in another. I would love to get out of Orlando after 7 long years of suffering in the heat and "right to work" state. I have a lovely well-maintained home. What is taken into consideration if I want to rent the Florida home(nothing is selling) and finance a condo or town home in Denver, CO. ? Trying to think about scenarios in advance of job hunting. My single family dwelling is 11 years old, stucco 3/2. I owe 160,000. It is now worth about 205,00 compared to 260,000 2 years ago. I would like to have a condo in Denver if a job ever came up.
I am 56, single with good credit, own an 05 Infiniti G35 outright as well as all my possessions. No credit card debt. Mortgage and utilities are my monthly's. Have a modest IRA and some TIAA CREFF from college employer and about 20,000 in credit union. I am a paramedic professor for firefighters and ems at a junior college. These jobs pay around 40-48,000 a year. Am I stuck in FL a while until I can unload my house?
I am 56, single with good credit, own an 05 Infiniti G35 outright as well as all my possessions. No credit card debt. Mortgage and utilities are my monthly's. Have a modest IRA and some TIAA CREFF from college employer and about 20,000 in credit union. I am a paramedic professor for firefighters and ems at a junior college. These jobs pay around 40-48,000 a year. Am I stuck in FL a while until I can unload my house?
That debt will count against you when it comes to qualifying. If you have a renter you can use 75% of that income to offset the costs.
So if it rents for $1000 you can take $750 off the FL mortgage the rest would count against your debt to income ratios. It will depend a lot on what a condo in Denver will cost you?
Good Luck
Brian
So if it rents for $1000 you can take $750 off the FL mortgage the rest would count against your debt to income ratios. It will depend a lot on what a condo in Denver will cost you?
Good Luck
Brian
Hi Doubledragon2000
I would say that if you can find a qualified renter who seems to be in it for the long haul than by all means go for it. Your debt/income ratio shouldn't be that bad if you have no other debts.
Good Luck
I would say that if you can find a qualified renter who seems to be in it for the long haul than by all means go for it. Your debt/income ratio shouldn't be that bad if you have no other debts.
Good Luck
