Home Buying in 78612>Question Details

Mmg, Home Buyer in 78612

I have a rental home in San Angelo and rent a home in the Austin area,credit is ok, 20,000 in equity, but dont want to sell.Could I still buy a home?

Asked by Mmg, 78612 Tue Aug 9, 2011

Help the community by answering this question:

Answers

4
I am in the process of moving to San Angelo. Are you interested in renting out your home there? If so I'd be interested in speaking to you. I'm looking for a place beginning in mid-September.

My e-mail address is misterford1592@gmail.com.

Thanls.
0 votes Thank Flag Link Mon Aug 22, 2011
Only professional address all your questions is a mortgage broker AFTER you have completed a loan application

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Wed Aug 10, 2011
If your credit score is above 640, you should be able to qualify for something. Some programs may require a 680.

Most mortgage programs out there will take what ever you claim on your tax returns for income, and subtract any costs for your rental property (including your mortgage) from that to get your net rental income. Then they will add your income to that to get YOUR net income.

That will be how they calculate your debt to income ratio, and generally you need to be below about 40 to buy a second home. Some will allow up to 46%. The best advice is to talk to a mortgage lender in the area you are looking to buy, give them all of the specifics, and let them make a determination.

When it comes to rental, they generally want to see at least 2 years of steady rental income. It sounds like you have that, so i would think you would be ok. Like I said, speak with a lender in your area.

Best of luck,

It's more than real estate. It's RAYL-Estate!

Brian Rayl
Keller Williams Elite - Dallas, TX
972-949-4222
Brian@Eayl-Estate.com
http://BrianRayl.com
0 votes Thank Flag Link Wed Aug 10, 2011
I do claim it on my tax return and have been for the past 5 years, rented it out 5 years as well. My credit score is in the medium range and I believe I have the home in a conventional loan. I moved to Austin for work and have been at my current job almost 3 yrs and 11 years in my previous employer.
0 votes Thank Flag Link Tue Aug 9, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer