The rest is up to you and your fiances, can you afford both? Make sure you are throwing positive cash on the rental. It will help you in the long run.
The best answer to your question will be from your own CPA. In general, if you and / or your husband have rented out the home for a year, it is now an investment property and you will want to make sure you are handling it as a business, tracking the income, expenses and depreciation. Once you own a business, it is very wise to make sure you are using a CPA that is familiar with the real estate investment business.
I'm wondering if your question is about whether or not you can get a loan to buy a "second residence" or a "personal residence", now that you own a rental. Legally, you can own many properties. The answer has to do with your financial qualifications. If you have never been a landlord before, you need to show a year of landlord history for the mortgage on the investment property not to fully count in your qualifying ratios.
Then, there's the issue of whether or not your husband kept the real estate as his "separate estate".
I can recommend a Seattle area CPA and an excellent mortgage planner to help you gain clarity on your next steps.
You can contact me through my web site, http://www.karenmcknight.com .
I would also give you this additional advise. I would also make a suggestion beyond what others have said. If I were your buyers agent, I would insist that your loan become pre-approved by going through the underwriting process. It may take an extra week (outside the standard--yes your good), but with underwriting being a little picky, you will avoid any last minute gotchas or questions on your tax filings of the rental.. If something is of a concern, you can address it before you start looking. Can you tell the voice of experience here!
I hope that I have expanded on some of the answers listed below. Should you have any additional questions, please feel free to contact. Always happy to help.
Welcome to the area.. Your gonna love it..
As long as you qualify, you for sure can do that & I help people do that all the time. I am both a loan officer & a real estate broker & would love to help you figure out what you can do. Please get a hold of me directly & I will go through the scenarios & numbers with you.
Good luck to you in any case,
Isaac Real Estate Team
Champions Real Estate Services
TriStar Finance #MLO-107799
Office: 425-483-6849 Cell: 206-841-9976
Winner of Seattle Magazines 5 Star
Real Estate Agent Best in Client Satisfaction Award
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Welcome to Seattle. You should be able to purchase regardless if you or husband already own a home. The amount or purchase price will be based on a few factors such as income, credit worthiness, debt ratio and down payment. There are a couple of other equations so I would recommend that you speak with a qualified loan officer or mortgage banker. I would be happy to refer you a few. If you have any additional questions, please do not hesitate to give me a call or visit our website. Once again, welcome!
Best of Luck,
Century 21 Tenace