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is it possible to get a mortgage when you own rental property?

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December 10 2013 - US
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Yes you can!  The big item that can trip up a borrower from getting financing when they have rental properties is their tax returns.  However, a good loan officer will be able to analyze and evaluate your returns to make sure there are issues with your income (and debt to income ratios) that would prevent the loan from closing.  Feel free to reach out and I can answer any further questions you might have.
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December 12 2013
Yes it is possible! If your finances are strong enough to support multiple mortgages then you are able to obtain another property. A lender will analyze your finances to ensure that your income, credit, employment, and other financial factors will be able to support your debt and another mortgage. Either way, the best thing for you to do is to speak with a lender directly to see if you can get started on financing a new home. There are lenders like myself that would be glad to speak with you to help you get the loan that you need. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me!
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December 12 2013
It all depends on the circumstances.   If you have rented the property out for several years already, then the bank will look at your schedule E on your tax return to determine if it can be added to your income or has to be treated as a loss (ie: debt)

If you are just now going to rent it out, you have to have a decent amount of equity in the property for the underwriter to allow the rent you collect to offset the housing payment.

Just having a rental doesn't mean that you don't qualify for a new mortgage. It depends on how the underwriter treats it and what your debt to income ratio is.
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December 10 2013
what kind of mortgage are you seeking?
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December 10 2013

If you qualify you can have more than one mortgage at a time.
Contact me to discuss anytime.

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December 10 2013
 
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