Moved to Florida and we want to buy a new home
I moved to Florida from New York a few weeks ago. I currently own a townhouse that’s being rented. Townhouse has an FHA loan where we currently owe $102k. We would like to purchase a new home here in Florida which will become our primary home. The question is, how will my lender look at my current home that’s being rented? Is it a good idea to wait longer with renting to consider buying out the primary home? by emmanuel241 from Clearwater Beach, Florida. Feb 7th 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
If you can afford both house payments, this is super easy. If you need the rent on the existing home to help qualify, we can do that. You will be given credit for 75% of the amount of the lease of the current home to use as 'income' for the new loan, up to, but not exceeding the rental homes mortgage payment. So you'll need to get it rented and show the lease to the new loan lender. I lend in MN WI IA SD ND. Find me at FirstTimeHomeBuyer-MN.com - Cambria Mortgage, NMLS 274132
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