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searching for a lender in Georgia

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thetgfamily Joined: 10 Nov 2010 Posts: 1 1.38 Dollars($)	Posted: Wed Nov 10, 2010 1:21 pm    Post subject: searching for a lender in Georgia Like 0 Dislike 0 My wife and I are in the market for a new home. We have done a little research online and we’re having trouble finding a broker with experience in our situation. We are searching for a mortgage that best suites our needs as a family. I work full time and my wife is a stay at home mom. We have no student loans or car payments, we pay off all credit card balances every month, and we have excellent credit. We have a property that is currently being it rented (2 year lease as of 10/27/10); this home now has a mortgage associated with it that is covered by the monthly rent. We would like to find out what is the maximum amount we can borrow toward the purchase of a new house. Any suggestions on lenders or information on how our rental income can be included in our DTI calculations would be most helpful.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Nov 11, 2010 3:54 am    Post subject: Like 0 Dislike 0 Hi thetgfamily! Welcome to forums! Rental income will be considered as a part of your income when the lender calculates your debt to income ratio. You should contact the local lenders and apply for a mortgage to buy the property. If they are satisfied by your financial and credit situation, then you'll get the mortgage. As you already have a mortgage on a rental property, not all lenders will be ready to give you a loan. Feel free to ask if you've further queries. Sussane

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