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the effect of rental property on new homeloan

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1will1 Joined: 16 Feb 2011 Posts: 1 1.28 Dollars($)	Posted: Wed Feb 16, 2011 4:54 pm    Post subject: the effect of rental property on new homeloan Like 0 Dislike 0 I am going to make my existing home into a rental property and buy a new house. How do they figure in rental income and rental income mortgage when financing a new mortgage for a new house. Is it a wash when the rental income is the same as the rental mortgage. Thank-you Bill
brian1 Community Expert Joined: 14 Jun 2008 Posts: 448 Location: Northern California 15.61 Dollars($)	Posted: Wed Feb 16, 2011 6:30 pm    Post subject: Like 0 Dislike 0 These days they will just count it in your debt to income and not allow you to count the rental income. To count it you must have 2 years experience as a landlord and hold a sufficient equity position. Simply put - you will have to qualify with two mortgages B _________________ Licensed Broker 50 states http://www.aimwithfocus.com Live Chat available Need quick advise email or PM Glad to help Pre-approvals www.applyonlinesecure.com

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