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Will Two Rentals Hurt Ability to Get Approved?

Now the details: Since 2004 my wife has been renting a condo and now we are thinking of renting out our current primary residence (house) (which is only in my name) and apply for a mortgage together so that we can move into another house to live in as our primary residence.  Will these two rental mortgages be held against us even if we have renters to account for them?
Any other input/recommendations/suggestions to accomplish our ultimate goal will be appreciated?
  • May 18 2012 - Gaithersburg
  • 0Yes

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Answers (2)

Given where the market is right now (low), it is indeed a great time to keep what you have and buy something else.  You need to speak to an experienced loan officer first.  I have an excellent loan officer that can help you, but every time I try to post an email or phone number, my post gets flagged for the "good neighbor" policy.  So, if you would like the contact info, please contact me via Zillow and I will connect you.
  • May 18 2012
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The rental with the history should not "hurt" since you will have a schedule E to help offset that payment. The conversion is more complicated. Your current balance and property value among other factors will determine if you are able to count any projected rent to help offset that payment.
  • May 18 2012
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