Zachary Hines, Real Estate Pro in Wautoma, WI

Hi I have a question! My current mortgage has about 42500. I want to buy larger home but not sure if the bank will allow me to rent my home....

Asked by Zachary Hines, Wautoma, WI Wed Sep 25, 2013

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What type of mortgage do you have on your current home? Conventional, FHA, USDA, VA??? If it is WHEDA you will have an issue turning it in a rental property. Please contact me if you would like to discuss your situation further.

Sincerely,
Mandy Fritsche, Prospect Mortgage, Mortgage Loan Officer, NMLS# 557211
262-327-5700 Cell, 877-868-9198 Fax, mandy.fritsche@prospectmtg.com
http://www.MyProspectMortgage.com/mfritsche
0 votes Thank Flag Link Thu Sep 26, 2013
@ Mandy. It is a USDA loan. We have actually talked on several occasions and at one point we were going to meet in Madison. Since I am having a hard time selling my home I was considering renting it out for about 600-650. My current balance on the loan is 42500. The home I am wanting to look at is listed at 50Kish. My current weekly gross is 575 based on a 40 hour week. I was planning on offering 40K for the new property. If that is the case then the payment would be about 330(according to zillow's calculator.). My current mortgage payment is 370ish. So I could easily use what I get from the rent income to pay on the original mortgage and use my work income to pay on the second mortgage. Does this sound reasonable?
Flag Thu Sep 26, 2013
and use that rental income toward the new home.
0 votes Thank Flag Link Wed Sep 25, 2013
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