Will I be approved for another mortgage
I own two properties and one is rented but the rent gives me just a little extra income as the mortgage which is not paid off at this point. I'd like to get another mortgage for another investment property. My income (rent + salary) is $63K per year and my credit is 698. Debt to income including current primary mortgage is 38% by b_claremoore49880... from Birmingham, Alabama. May 7th 2014
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
As long as you have the down payment and depending on your bottom line on your tax returns and the loan amount it sounds possible. You should call a local broker and go over your complete loan scenario.
Chris Gummerson (cgummerson11)
#397 ranked lender in California - 648 contributions
If you claim rental income on your taxes for 2 years then you should be able to use rental income from the new property which may help you qualify. Talk to a local loan officer and see what you can get approved for.
Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions
You will be able to use 75% of the rental income, and 100% of the rental expense, in addition to your salary, in your available income calculation.
Shaun Weeks (sweeks)
#898 ranked lender in California - 106 contributions
It looks good but give me a call or email so that I can look over all your documents and go from there.Fannie Mae requires certain calculation for rental properties so it's not as easy as just using 75% unless you just bought the home this year. Then you wouldn't be able to use tax returns for that certain property.
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