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New to Money Board, Investment Property Help needed
Posted on 3/27/13 at 4:33 pm
Posted on 3/27/13 at 4:33 pm
In a few years my wife and I will be looking to build/buy a bigger house. This is our 2nd house, in a great neighborhood, and I would like to rent it out once we move out. I will only be looking to get enough rent per month to cover the cost of the note and it eventually sell it to get some equity cash out of it. How can I get approved for a mortgage on a new home while keeping the old one? I can't afford both notes on our income alone, but have enough cash to carry both notes for several months. Suggestions?
2
Posted on 3/27/13 at 4:38 pm to Thib-a-doe Tiger
quote:
I can't afford both notes on our income alone
May have a tough time. Its gonna come down to your debt to income ratio. You just have to crunch all the numbers with a mortgage broker and see if you have a chance before applying for that second mortgage.
Posted on 3/27/13 at 4:45 pm to TyOconner
I guess I shouldn't say I can't afford it. I could afford it short term on work income alone. I have enough liquid money where I could pay my current house note for 10 years. But if we are talking income alone, it is not sustainable for the long term.
Posted on 3/27/13 at 4:48 pm to Thib-a-doe Tiger
I hear ya but they strictly run the numbers. So you need to find out what all of yours are and plug them into the equations. Someone more geared toward the lending and mortgage sector may be able to give you a link to a site for that. But, like I said perviously, it will come down to your debt to income ratio.
ETA How much you have in savings is not something they even look at. Unless, you want to secure the loan with it.
ETA How much you have in savings is not something they even look at. Unless, you want to secure the loan with it.
This post was edited on 3/27/13 at 4:50 pm
Posted on 3/27/13 at 4:58 pm to TyOconner
20% down will be a must.
Posted on 3/28/13 at 12:03 pm to Thib-a-doe Tiger
they aren't going to look at rental income unless you have 2 years of it. At least they can't "officially" look at it
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