Is it possible to rent out my home (with an underwater mortgage) and still qualify for a mortgage on a new home?

Hi Linda! You should read your Mortgage & Note to be sure that renting your property out would not violate any terms of your mortgage and in most cases, it should be fine, but it's best to double check. You would also need to speak to your Insurance Agent/Company to make sure that they will still cover your property as a Rental once it is rented out. To obtain new financing, you would need to qualify with the existing housing debt (PITI) as well as your new housing debt and any other monthly debt that is noted on your credit report. There are numerous options to explore, so if you would like to run some numbers to see if you would qualify, please fee free You should reach out to a Trusted Mortgage Professional to get direct advice moving forward! I'm here to help if needed! Good Luck!

Yes.

Yes but you have to claim it on your tax returns for it to be a benefit.

Linda,Assuming that you qualify for the new mortgage loan, yes. If you would like to review your situation further, please contact me at 801-391-2273. Thank you,Spencer Packer

Yes it is possible. You will likely need to qualify for both mortgages in your Debt vs. Income ratios on a new purchase. Being underwater on your existing home does not mean that you can't rent out the property. Need more details, please...

What we will do is place your current home on your real estate asset sheet. We can use 75% of the rent with a lease and all of the rent when it has been reported on your tax returns. If there is a higher mortgage payment than rent, it will be part of establishing your debt to income ratio. Normally 40% Debt to income is ok. You will then qualify for your purchase as always. Karen Close, Envoy Mortgage, 303-483-7518

Absolutely, but as the others have mentioned plan on now being able to use all the rents unless you have a history of rental property income

Yes but their are specific guidelines you will need to follow.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

Most occupancy affadavits require that you have lived in your "Primary Residence" for a year after you refinanced or bought the home (that you wish to now rent), so if you are after the "year + 1 day" => then purchasing a new home and renting the other one is do-able. Call me to discuss the rest of your details. Jeff Albrecht (512-381-4643) JAlbrecht@PrimeLending.com and www.JeffAlbrecht.com