Will I qualify for a mortgage on a new home if I want to rent out my current home?

2 Responses to “Will I qualify for a mortgage on a new home if I want to rent out my current home?”

1. Bert says:

   September 30, 2010 at 1:53 am

   read your loan agreement and deed of trust. It is more than likely prohibited. If you were allowed to do it, you’d have to assure that the unit will rent for enough to pay the debt service and taxes.

   Why don’t you just save a downpayment, start buying a new home and if successful, turn the other back to the lender and let them foreclose
2. Simpson G says:

   September 30, 2010 at 2:36 am

   Banks usually want to see proof of long term tenants or they will not consider the rent as income.

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