Having your name on a deed doesn't preclude you from getting a mortgage. Is there a mortgage on the property and if so, are you on that mortgage? If you are, this payment will be included in your debt-to-income ratio. If not, only the property taxes and homeowner's insurance on the other property will count toward your debt-to-income ratio. If I have misread your situation, please feel free to provide more details.
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It doesn't rule you out. You will have to count any carrying cost of the property associated with the old deed toward your debt. This would include taxes, insurance and loan payments if there are any.
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