Qualifying for the purchase of your second property isn't as hard as some would believe. With a little of the correct help and guidance, it's fairly easy. For example, let's say that your current home is valued at $200K and you'd like to purchase a home valued at $300K. You don't have to qualify for $500K in mortgages, based solely on your income. The majority of the amount of rental-income that you'll get from renting your home gets added to your other income, and it's THAT number that your income-to-debt ratios are based on.
Additionally, you may not have to wait to do something like this. Some mortgages require you to be an owner-occupant and your current one may be that way, however, it might no be and even if it is, it's possible to legally work around that stipulation.
I've been a landlord since 1969 and have learned a number of things along the way that you might find helpful. How a lease is written is usually the difference between smiles and nightmares. I can probably make some suggestions that you'll find helpful.
If I can help in some way, click on my ugly photo for contact info.
Every loan type has a set of guidelines that specify how to treat income, be sure you understand in great depth before committing to leasing or buying. Much too important of a conversation to treat lightly (how most buyers do it). Gather all of the support documents you will need and make an appointment with a local lender, lay out a plan BEFORE doing anything. Good luck,
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If traditional financing does not work, and you have 10% down, I have another program that will probably work since it does not use traditional banks. Once you figure out the first part you can always contact me for more info.