We have a 30 yr fixed rate loan and we got a modifacation 1yr ago can we rent our home and are we eligable to buy another one

Probably not.. Since most loan mod's are only approved for borrowers who are delinquent, it might not work.. If you were delinquent more than 120 days, then the lender is going to look at that as the same as if you had a foreclosure, and will apply the guidelines as such.. Minimum 3 year waiting period for FHA, and even longer for conventional... Even if you were not delinquent 120, it's possible the new lender will have a problem since to qualify for the loan mod, you would have had to prove a hardship, have reduced income, and provide supporting documentation... and the new lender will most likely deny you just on sheer principal, since loan mod's were not intended to make it more affordable for you to purchase more real estate... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

It depends on what you had to do get the modification. If you never missed a payment on the old loan, then the modification will not prevent you from converting the home to a rental and buying another. If, however, you were more than 30 days late leading up to the modification, then you will be penalized for a minimum of 3 years from the date the account became current. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

It will all depend on why and how you got the loan mod. Contact your local lender for some help.

Sure, why not? The fact you got a modification in the past doesn't mean anything. The fact you rent out a home doesn't mean anything... So it would just be a standard loan application. Contact a local non-bank lender in your neighborhood.

Since you qualified for a loan mod, as your primary home, most loan mods have a 5 yr note, before they change... and if you were late on your mortgage payments it will show on your credit report, and your scores will be low, and now, unless everything in your life has changed, new job, new marriage, divorce, children left home, etc.. it is going to be tough to convince a underwriter that all is well now..i do have one credit restoration person that i can refer you to... and they have been very successful in cleaning and restoring credit you can email me at yourloanpartnerforlife@live.com