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If a loan approved to purchase a house when both are not working?

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We have a house which worths around $300,000. Our loan balance for the house is $54,000. Both of us are not working right now, but we're thinking to rent this one out and purchase another house with prices between $300,000-380,000. Is this option possible? Is so, what do we have to do?

Thanks in advance for your time,
Little lulu

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July 27 - Garden Grove

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mylan36
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mylan36

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Thanks so much, Julie and Connie!!!
Have a great week.

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July 28

Julie Messina, "CNN Mortgage"
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Julie Messina, "CNN Mortgage"

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You will need to prove that you can make the mortgage payment on the new house If you want an A-Paper loan with the best rates. You may be abe to use passive income (retirement income, distributions from investments) if you have a history of recieving these and they are likely to continue. You did not say what income you are living on.

Since you have at least a 25% equity position in the existing home (that you are converting to a rental), you will be able to use rental income to offset that mortgage payment.

Most private money (hard money) programs require a 50% down payment, and they will want to verify your source of income to make sure you will not default on the loan.

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July 28

Connie Wildasinn, "pwildcon"
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Connie Wildasinn, "pwildcon"

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You will need to find a lender who is willing to do 100% financing.. not easy in this market... you may need to go private money.. Good luck...

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July 27

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Question Please provide the market value of the property: 12201 Corvette, Garden Grove, CA 92841

Question How can you get comparable solds for this property to make sure you are not paying too much and it w

Question Transfer title and payments.

Question Why does a few houses' value go up recently while the majority go down in the same neighborhood?

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