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fha loan for second home which would be primary residence

i was told by a mortgage lender that i could use fha to purchase a second home as the value of our first home has declined and we cannot sell it. we are going to rent the first home. my question is , how do they figure how much you can afford, does it depend on the rent you get for the first home? if my first traditional mortgage payment is say 1500, do i need to get 1500 in rent? if i can't get 1500 in rent, do they just add the difference to the debt ratio?
  • October 31 2010 - Town of Farmington
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Answers (1)

Unfortunately the rental income would not be counted as income towards you unless you have a two year history of being a landlord and receiving rent payments... Hope this Helps!
  • October 31 2010
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