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Can I buy another house to rent out even if I have modified my current home?

We have excellent credit and modified my current mortgage over a year ago.  We have always paid our mortgage on time.  However, our home value is upside down, will we still be able to purchase an apartment to rent out?
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October 28 2012 - Lake Worth
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Profile picture for MiamiCondosandHomes
Certainly! We second the below comment regarding amount you put down. Banks are still stringent in their lending habits.
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January 18 2013
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It is possible, and in Florida, it is more plausible to purchase with more than 30% down.
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January 18 2013
It is very possible.  It is hard to say without looking at your credit and income information.  Please feel free to contact me anytime to further discuss.  [deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]


thanks,

Jeff Tricoli
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January 17 2013
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If you have a down payment of > 20% and can afford the mortgage payments without counting rental income, you may be able to qualify for a mortgage for the purchase.
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October 28 2012
 
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