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Had to relocate for work so leasing out current home. Will it be difficult to obtain a new loan since we already have a mortgage?

by horvath.adrian373 from Plymouth, New Hampshire. Mar 8th 2016 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

More info needed.. but in general.. if you had to relocate, and you are renting out your previous home, then the question is do you need to add rental income to your employment income to qualify? If you do need the income, then the next question is, have you claimed the income on your tax returns? If you did, then yes, you can use the income from the rental.. if you have not claimed the income when you should have, then you cannot use it.. if you recently rented the previous home out, and you have not filed a return since, then it's possible the lender will allow the income.. If you earn enough income from your employment to qualify for 2 mortgages along with all your other debt, then it wont matter if you claimed rental income or not.. but as I said.. much more info needed to answer your question. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Mar 8th 2016
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R. Jocelyn Anderson (labrokergirl)
#1248 ranked lender in California - 38 contributions

No. Same qualifications as existing mortgage when applying for new mortgage for second home. Contact your LOCAL mortgage lender in your area for additional details.

Mar 8th 2016
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Lorne Harvey (lorneharvey)
#81 ranked lender in Washington - 418 contributions

You should be able to use 75% of the "lease income" to offset your mortgage payment, up until you file your next years taxes, and the property shows up on your Schedule E as a rental property. Please be sure to point this out to the loan originator you choose to work with.

Mar 8th 2016
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Jesse Stroup (jessestroup)
#199 ranked lender in California - 591 contributions

You will have to explain the move due to work. But you can get into another home

Mar 9th 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

Maybe, maybe not... Basically it comes down to two items. Can you qualify for both house payments? If so, super easy. If you need the rent to help qualify, then there are a bunch of rules that come into play on how much rent credit we give you to help offset the other loan and help qualify for the new loan. Talk to a local mortgage broker in your area for more assistance. For this type of loan in MN, WI, or SD, visit me at www.MortgagesUnlimited.biz

Mar 9th 2016
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