Home Buying in 45373>Question Details

Michael Gidd…, Home Buyer in Las Vegas, NV

I have a mortgage and an equity loan on my current house. I plan to move to the Troy area around April or May 2011 and rent this house in Nevada

Asked by Michael Giddinge, Las Vegas, NV Sun Sep 12, 2010

to my son. My credit score is currently 690 but should be up by time I move. Any possible problem getting pre-approved for a house in the Troy, Ohio area?

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2
Kim Yardlay’s answer
One thing you may need to consider is that if your are going Fannie Mae or Freddie Mac financing that the income you get from renting your property in Nevada cannot count towards your income until you've acquired 2 years worth of documentation of the property being rented and it producing income.
This can be avoided by doing a non-freddie or fannie loan. The best was to do this is to consider working with a credit union-- which have their own rules around this, so be sure to ask-- or with smaller banks that generally do not sell of their loans and go by Frannie or Freddie rules.
Best wishes with your move!
If you need any assistance when you come to Troy, I'd be happy to help you!
Respectfully,

Kim Yardlay
REALTOR, CRS, ABR, GRI, CSP, CDPE
(937) 339-2500
Web Reference: http://www.realtorkimy.com
0 votes Thank Flag Link Tue Apr 3, 2012
Michael,
You'll want to have a signed lease to submit with your application and other documentation. It may come down to your debt ratio and whether you can qualify for the additional payment. The lender may not consider your son as a reliable tenant or will discount the total rent your collect to around 75%, to cover additional expenses such as maintenance or vacancies.
It will also depend on your down payment for the new home. The larger the down payment, the more secure the lender will feel.
0 votes Thank Flag Link Mon Sep 13, 2010
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