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nurseyrnt · Joined: 02 Aug 2011 Posts: 1 1.32 Dollars($)

Currently our home is financed without paying on the principal, therefore we have a negative equity loan?

Secondly, we want to purchase a second home that is comparable to our primary home loan now, take our home that we have now and rent that property to family for the total amount of the current monthly mortgage payment.

Our credit is in good standing but our debt to income ratio is 46%.

What are our options...how difficult would it be to get financed for the new home?

gmakerley · Posted: Tue Aug 02, 2011 10:24 am Post subject:

With only a smattering of information from you, it's not possible at this time to give you odds on getting a new loan in the circumstance you describe.

The debt ratio is certainly not in your favor, and that's a statement I can stand behind. However, in order for you to claim rental income from your current property, you'd have to have a pretty fair amount of equity in the home, which you said you are lacking.

Lots more detail is needed, but I'm pretty confident in saying that your chances are not particularly grand.

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Trying to buy a second home to have as a primary residence and rent current home to family for amount of current monthly mortgage payment.

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