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Wanting to buy a house with current house rented.

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rlsrlj Joined: 23 Jan 2008 Posts: 7 3.88 Dollars($)	Posted: Fri Feb 25, 2011 3:20 pm    Post subject: Wanting to buy a house with current house rented. Like 0 Dislike 0 My parents are wanting to buy a house with little or no down pmt. They still own a house that has been rented. Can you tell me how much of that rental income will be counted? The payment on the house that is rented is about $500.00 more than the income they receive as rent. What products do you recommend to avoid PMI? Thanks!
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Fri Feb 25, 2011 5:11 pm    Post subject: Rent Like 0 Dislike 0 They can use the rent if the mortgage balance on that property is 75% or less than present value if new mortgage will be FHA. If new mortgage will be Fannie Mae, needs to be 70% or less. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
brian1 Community Expert Joined: 14 Jun 2008 Posts: 448 Location: Northern California 15.61 Dollars($)	Posted: Sat Feb 26, 2011 12:52 pm    Post subject: Like 0 Dislike 0 No avoiding PMI without 20% down - as far as the rent more than likely the full payment will count against them when they go to qualify Unless they have the equity mentioned above or a two year history of being a landlord _________________ 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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