i have a mortgage on my home

It depends on how much income you have. If you have enough to service all your current debt and the new mortgage payment, then no worries.. however if you don't have enough income and you need to use the projected rental income to lower you debt to income ratios, then lenders have specific guidelines to determine how much, if any of that rental income can be used to offset your debt.. in the past, this has been an area that was littered with loan fraud. The lender would require a signed lease, and the borrower would provide one where someone has agreed to rent the home for WAY more than its market rent amount.. (Fraud) so they could show the bank the added income.. Now there's stricter guidelines are in place to prevent these factitious lease agreements, and the abundance of fraud associated with them... 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

There are several answers to your question depending on the current situation. I'm happy to speak to you directly about your situation with no obligations if you'd like. Send me a direct email through this site by visiting my profile and we can communicate further. Thank you! Steven

Yes Typically, a underwriter will look to see if you have landlord experience. Is your mortgage on your current home an Fha loan? I do Florida loans. www.firstfloridafin.com 954 558-4430. Call me for a Free ConsultationCraig

You should be ok if your income supports both mortgages and any other outside debt.

You should be in good shape if your income supports both mortgages and any other outside debts, like auto and/or credit card payments. The use of rental income is possible.

Not necessarily but it depends on your overall qualifications and the amount of equity (if any) you have in your current home. Pick an experienced and knowledgable mortgage lender to work with and let them pre-qualify you. You can use someone local or someone you find through a site such as this. It doesn't matter whether it is a local/Florida lender or someone who also works in other states - just make sure you check the and the company they work for out. There are great people in every setting and there are those you probably want to avoid, both locally (mortgage bankers or brokers) and on internet sites such as this one.

With some lenders, yes. Others may not require it. There are very specific lender guidelines in this situation. Give us a call and we will go over your options. team@bestmortgageoption.com 754-444-9705Thanks Team Best Mortgage Option

No... But, check with a local non-bank licensed loan officer for more details related to you individual situation for how they will handle any rent received.