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Can I get another mortgage if I rent out my current home?

I have a fha mortgage on my current house, owe 187k, worth about 215k...it's in my name only...my fiance and I would like to move to a different town and buy a house together...her score isn't good, mine is, combined income is 110k...is it possible to rent out my current home, and qualify for another mortgage together?
  • June 24 - Enfield
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Answers (4)

Yes, in theory, but keep in mind that the credit score of the lower-rated borrower is typically used.  If you need to use her income to qualify, that may hurt you.  You'll also probably have to bring a good amount of cash to the second closing (LTV most likely will need to be lower than your current home).

Basically, you need to show that you can afford both properties.  If you have a rental agreement with somebody to take over your old home, that may help.

In short, contact an experienced loan officer and go through the details.  If you need recommendations, you can use the "find a mortgage" function of Zillow or feel free to contact me or anyone else here for referrals.

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- This is not legal advice and is not intended to create an attorney-client relationship.  The post is only an opinion.  You should speak to an attorney for further information.  The poster is licensed only in CT & NY.    If this post is useful to you, please remember to upvote it.
  • June 25
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You can do this strategically but you need to contact an experienced Loan Officer to guide you around the snarls and traps. There are some things you can do now to prepare for your move, but they need to be ordered. BTW, youCAN have two FHA loans at the same time, you just can't have two "High Balance or High LTV" FHA loans. Meaning if you home had 25% equity, then you can apply for a new 96.5% LTV FHA Purchase Loan. If you don't have sufficient equity in that home, there are other options for you.


Best of Luck!
  • June 25
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Profile picture for GMerino
If your fiance scores are not as good to qualify for a mortgage, there is no way to use your combined income to qualify for a mortgage.  Best thing to do is to connect with a loan officer to go over your scenario. 
  • June 24
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Profile picture for daveskow
yes ...as long  as  you  1) can qualify  for new  home and also  full present mortgage  payment  and all other monthly debt   and  2)  you  usea program  other than a FHA  loan  ( as you cant have 2 FHA loans at one time )


get pre aprpoved for whatever  hypotehtical  scenario you want to use to  make sure .....good luck and all the best
  • June 24
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