Rental Income When Buying a New House

xmz19x
Contributions:6

In the instance of buying a new home and renting out my old home:

Are there any mortgage lenders out there who do not require 30% equity in the old house or 2 years worth of rental income history from a tenant in order to be able to use the rental income as an offset to the old house's mortgage? I live in Dearborn, Michigan.

If you are a lender who allows rental income to be used with less than 30% equity in the home and less than 2 years of rent history, please respond to this question or PM me. Or if you are a mortgage broker who has contacts that will be able to help me in this situation, please respond or PM me.

Thank you,

-Mike

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July 31 2011 - Dearborn

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Answers (2)

Brendan C. Fontaine, "Brendan.Fontaine"
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I am seeing more lenders today allowing for 25% down and I even have one local Savings Bank that allows 20% down. My suggestion is that you look for a local Savings Bank that underwrites their own Portfolio Mortgages.

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July 31 2011

Rex Fuller, "COREXRE"
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Check around with a number of mortgage brokers in your area and see what they think and say regarding your situation / question. The possibilities vary from point-to-point in the country. Also - some underwriter requirements are less strigent than others. Ask lots of questions and whittle down the replies to see if you can find one or two compalines or lenders that may be willing to work with you.

Best success ....................