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Best mortgage option for a rental property if a primary resident is owned by spouse.

Hi, I'm interested in purchasing a property to rent out.  I live with my wife in a house that is only in her name.  I have 2 girls.  my annual income last year was only about $45,000 because I was laid off for about 3 months (July, Aug, Sept).  My wife's income was about $55,000.  My current income is a base of $48,000 up to $81,000 based on billable hours.  My wife's credit score is in the high 700s, mine is in the mid 700s.  My wife only owes on the house, I owe $15,000 in credit cards (paying off $5000 this week), $18000 in student loans, $15,000 on a car but it's not mine-owned and being paid off by a third party.  Our house loan is $160,000, appraised at $215,000 a few years ago.  What can I or we do to purchase a house to rent out?  Ideal rental loan value of $50,000 to $80,000, we can budget this in with ease.  I think that since our house is only in my wife's name, I may qualify for better opportunities...but I have more revolving debt on record...does using the home as a rental hinder our chances at a loan?  What if I housed my brother in it (he's 18 in april)?  Looking for ideas to get the best loan and make an investment in real estate.  Please let me know what ideas/suggestions you have.  Thank you.
  • March 04 2012 - Northglenn
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