Rental Income When Relocating

What do you when you are relocating to a new city and you are trying to qualify for a new home loan when you already own a home?  More specifically, what are your options if you plan on keeping your old home and turning it into a rental property?  Can you use that rental income to offset the existing mortgage payment on your old property to help you qualify for a new FHA, VA or Conventional mortgage?  The answer depends on what type of mortgage you are using to finance your next home purchase. … [Read more...]

Counting Rental Income on New Mortgage

Just like with many aspects in mortgage lending, the way an Arizona lender calculates and includes rental income on a new loan application for properties a borrower already owns has changed based on a new rule issued by mortgage giant Fannie Mae.  You may think that including rental income from existing rental properties owned by a borrower on a mortgage application is as simple as plugging in an amount equal to how much rent a borrower receives for a particular property based on a lease … [Read more...]