Profile picture for LizaCarrasco

I'm currently renting out home, want to buy second home closer to work. Possible w/ no downpayment?

Current rent collected is $2100; mortgage payment is $2500. Gross income is $8k. ( only debt is $20k car)Want to buy second home in Hayward to make as primary residence.
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June 15 2011 - Hayward
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Answers (3)

Profile picture for wetdawgs
How long have you been renting out your current home?   Most lenders will count 75% of the rental income if you have a two year history (documented by tax returns) of renting out the house.

Does the current house have equity?
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June 15 2011
Profile picture for sunnyview
Unlikely that you could buy a second home in this situation without a down payment. You can talk to local lenders, but most will probably require a minimum 3.5% down on an FHA loan on a primary residence.
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June 15 2011
A problem is the no down payment. FHA require a down payment and these are the most popular loans at present. May need to check the current mortgage you have on your rental home to see if there are any penalties for renting it. Generally lenders charge a hogher % rate for mortgages for rental homes. Did you buy this with the declared intention to rent?
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June 15 2011
 
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