What is required to qualify for a second mortgage?My husband and I bought our condo in 2008. We recently tried to sell, but similarly sized properties were selling for $25-40,000 less than what we would need to break even on our loan and pay our realtor's commissions (not to mention paying back the rest of our first time homebuyer's loan). We decided to take the place off of the market and we would like to rent this condo out. We probably will get enough from a renter to cover the mortgage, condo dues and taxes without much leftover. We have been saving for a long time and would like to buy a larger home to live in. I have heard mixed information about what a bank would need to pre-qualify us for another mortgage. If we can show we have a renter with a lease signed is that enough? I recently heard we may need to show our renter's income on our tax return. If anyone knows of all of the possibilities we may come across, please share!July 20 2012 - Philadelphia00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.