What percentage of rental ioncome can be used in qualifying for a mortgage?

Profile picture for alovetko
I am trying to buy a new house and rent my current one at a small profit monthly.  I also will not have my tenant move in until my new home closes.  Will this be a problem?
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0Yes

February 26 2010 - Memphis
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Profile picture for tcarlton
Keep in mind many lenders will only credit a portion of the rent if you are 15% vested in the home.
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October 28 2010
Profile picture for Ofe Polack
I think it would be best to discuss this with your lender apparently you will have a mortgage on your new property so this is the type of discussion that a lender can address since they will have your financial profile.
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February 26 2010
Profile picture for White Picture
Rental income * 75% - expense from the rental property (mortgage, tax, insurance, HOA). Proof: Tax returned or 6 months of rent (checks), bank statements, lease agreement.
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1Yes

February 26 2010
Profile picture for Colorado Lender
75%
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0Yes

February 26 2010
 

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