Home Buying in Elizabeth>Question Details

Your Name, Home Buyer in Elizabethport, NJ

Any lenders that qualify second FHA loans under the relocation exception and use the rent from a current home as income without it having 25% equity?

Asked by Your Name, Elizabethport, NJ Fri Jan 31, 2014

I live in PA but work in NJ. I have a 90 mile commute and therefore would like to purchase a house in NJ. I have spoken with some lenders that told me I cannot use rent from my current home as income if I don't have 25% equity on my home.But the Hud guidelines provide 2 separate exceptions where rent can be used as income; one is relocation and the other is 25% equity. I should be able to use the rent as income with the relocation exception alone. I don't understand why there are so many mixed reviews with this but would like to find a lender that can work with me and include the rent as income.

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There might some confusion. You can have 2 FHA loans due to relocation and or the 25% equity. You cannot use the rental income until it has been shown on your tax returns for the past 2 years. Let's discuss your loan scenario in more detail. Contact me at 800 315 8803 or 973 979 4100 (NJ #). My name is Bart and I have been in the mortgage business since 1987. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you.



Bart Gabe - Lending Nationwide Since 1987

http://www.bartprequalifies.com

bart@bartprequalifies.com

800 315 8803

NMLS 20743
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