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In order to use rent from your current home for qualifying purposes on the purchase of a new home most lenders will require you to have 30% equity in your current home. The down payment needed for your new home can vary greatly depending on the situation, with 3.5% down or less if you are eligible for any down payment assistance programs. However to avoid mortgage insurance you will need to put down 20% or more. Debt to Income ratio's typically will need to be under 45% but can be approved at higher ratios with compensating factors such as assets in reserve, higher down payment, credit factors, etc. For more detailed information, please feel free to contact me.
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For Sale: $177,000
For Sale: $63,400
For Sale: $165,000