Can I rent out my current home and get a new loan to finance a primary residence purchase?

You can rent the house out as long as you make sure it doesn't violate any clauses in your current mortgage and/or note for the existing property. The rental income will not be used unless you have at least 25% equity in the existing property and can prove that with an appraisal. I'd be happy to discuss this in more detail if you'd like offline. Just let me know. Thank you.

You can rent out your current home subject to your existing deed of trust and note.. Most have a clause in there that says you need to live in the property for a minimum of 12 months prior to renting it out.. And you can absolutely purchase another home for primary residence.. However, unless you have a history of colleting rent, and show that income on your taxes, most lenders will not allow you to include rental income to offset your debt. If a lender will allow it, they will only allow 75% of the rental amount, and it's not based on a lease agreement that you bring them, it's based on an appraiser (A cost you will pay for ) telling the lender what the average rent is for your type of home in your market.. (this prevents fraudulent lease agreements being submitted).. 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. 480-287-5714 WilliamAcres.com

Assuming you have been in your current home for one year, vacating it and converting it to a rental is rarely an issue. If you have been in the current loan less than one year it can be a little trickier. As for purchasing a new home, as long as you qualify for both payments, you should be eligible. Regarding using your new rental income, It is likely the lender will not allow any of it in your qualification unless you have a history of being a landlord and collecting rental income. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Yes you can the question will be if you need the rent to qualify for your new purchase. If you'd like more information please feel free to call or email us. 201-962-3555 Team@BestMortgageOption.comAsk for Michelle or Benny

The answer is Yes. As long as you meet the requirements on the loan for your new residence, you are fine. If that income is needed for income toward the new purchase, it is limited to 75%. My Branch office is in North Myrtle Beach. Please contact me for addidtional assistance. 843-272-0442.

You can rent the house out as long as you make sure it doesn't violate any clauses in your current mortgage and/or note for the existing property. The rental income will not be used unless you have at least 25% equity in the existing property and can prove that with an appraisal. I'd be happy to discuss this in more detail if you'd like offline. Just let me know. Thank you. Andrew Alfonso 800 813 3291

Yes. However you will need 25% equity in order to use the rental income to qualify.