starlite-What you are proposing ...

Tue, 24 Mar 2009 20:51:00 GMT

starlite-
What you are proposing to do probably isn't possible, but may be under a few circumstances. I would contact a reputable loan officer to look at all the variables of your situation to be certain. Here are a few lending guidelines which would need to be considered in order to accomplish what you are proposing to do:

You would need to be able to qualify for a new mortgage one of the following ways:
1) Qualify with carrying both mortgage payments
2) Have at least 25% equity in your current house in order to utilize the proposed rental income to qualify. This is accomplished by having a new appraisal completed
3) Relocation due to new employment or being transferred with an existing employer

Best of luck

Zillow Advice: Home Buying - How can we purchase another home without selling our current one?

starlite-What you are proposing ...