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

Profile picture for mylan36
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 2009 - Garden Grove
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Profile picture for mylan36
Thanks so much, Julie and Connie!!!
Have a great week.
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July 28 2009
Profile picture for CNN Mortgage
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 2009
Profile picture for Connie Wildasin
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 2009
 

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