Had my home rented out after moving out of state and I want to buy a new home, what are the rules in this situation?
Hi, so I moved to a different state for a new job and I decided to put my old house up for rent instead of selling it, because the market in my previous city was horrible. I am now considering buying a house in my new location. What are the rules on qualifying for a loan in my situation? Does rental income from my old house count as income? Do I have to reserve for both loans? by mwhite977 from Berkeley, California. Jul 8th 2022
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
If you have not yet filed taxes with your rental income, you can use 75% of the lease amount to help (or completely) offset the mortgage payment on the old home. Reserves will be required for the rental home, but probably not for the new residence. I'd be happy to help. Reach out and let's get you into your new home. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300.
There are some ways to do it. You can use your current rental income to help you qualify for a new loan for your new home, you can use your down payment to take advantage of programs that help you get financing in an easier way, etc., but it all depends on your particular situation, since every case is different. The best way is to evaluate your scenario to see what type of financing will give you the most benefit at the least cost possible. Please reach out. HCF (714) 610-6809.
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