Posted on: 10th Nov, 2010 12:21 pm
My wife and I are in the market for a new home. We have done a little research online and we’re having trouble finding a broker with experience in our situation. We are searching for a mortgage that best suites our needs as a family. I work full time and my wife is a stay at home mom. We have no student loans or car payments, we pay off all credit card balances every month, and we have excellent credit. We have a property that is currently being it rented (2 year lease as of 10/27/10); this home now has a mortgage associated with it that is covered by the monthly rent. We would like to find out what is the maximum amount we can borrow toward the purchase of a new house. Any suggestions on lenders or information on how our rental income can be included in our DTI calculations would be most helpful.
Hi thetgfamily!
Welcome to forums!
Rental income will be considered as a part of your income when the lender calculates your debt to income ratio. You should contact the local lenders and apply for a mortgage to buy the property. If they are satisfied by your financial and credit situation, then you'll get the mortgage. As you already have a mortgage on a rental property, not all lenders will be ready to give you a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Rental income will be considered as a part of your income when the lender calculates your debt to income ratio. You should contact the local lenders and apply for a mortgage to buy the property. If they are satisfied by your financial and credit situation, then you'll get the mortgage. As you already have a mortgage on a rental property, not all lenders will be ready to give you a loan.
Feel free to ask if you've further queries.
Sussane