rent and buy a new home
My husband and I would like to buy a house and rent out our townhome. We can put down 5% and both have over 750 credit scores. Our income is pretty high but we're worried we won't qualify because of our first loan. I understand some lenders used to count 75% rental income towards your income but not anymore. Do any lenders allow a flexible debt/income ratio? by lousmitty from Abba, Georgia. Oct 21st 2009
Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions
You can use rental income provided that it can be documented. If your income is high enough, and you can demonstrate the ability to carry bothe mortgages, you will not be required to document the rental income. Give me a call if you would like to discuss this further. Joe Shamie. 732-759-8189.
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