Question Details

CubbieFan, Both Buyer and Seller in Stevensville, MD

How good is my chance of landing $ 234,000 mortgage?

Asked by CubbieFan, Stevensville, MD Wed Apr 1, 2009

We are currently residing in Northern Virginia and we will need to re-locate to delaware due to job move. However, we do not wish to sell our home, which has been paid off for. So, my question is what amount of mortgage can we qualify for? And since we intend to rent out our current home, can we include the potentional rental income as part of the income?

Current income: $ 82,000
potential rental income: $ 19,600
debt obligation: $ 257/month on student loan
HELOC: ($50,000 / $ 18,000 currently utilized) : $ 150 / month payment

Other than that, I have no other debt. So... how good is my chance of obtaining $ 230,000 mortgage? I also have good credit score (724)

Thanks,
Young

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Answers

5
It is not likely that you will be able to use your potential rent as income, laws recently changed on that due to buy and bails.

So you will have to use that in your debt ratios.

More info needed to find out what you qualify for
1 vote Thank Flag Link Sun Apr 5, 2009
Youngster, Have you tried using some tools like these to get an idea?
http://mortgage-x.com/calculators/default.htm

Good luck, Dunes
0 votes Thank Flag Link Wed Apr 1, 2009
Well, that is why I posted this question... how much I can afford. Then I can start targeting the homes within the price range. I don't know how much loan i can qualify for. I am looking to pay down 10% as downpayment and as of now, we are looking at homes below $ 220,000. Property tax, I am told, should be around $1,200 a year.
0 votes Thank Flag Link Wed Apr 1, 2009
Rental Income - unless you have a history as a landlord, most lenders won't use the rental income.
So, what is the sale price of the property you are looking at and what is the amount of downpayment? What are the yearly taxes on the DE property? I think we need more information before saying whether or not you qualify.
0 votes Thank Flag Link Wed Apr 1, 2009
Let me re-phrase the question a bit. We want to hold on to our 1st home, and get second home. Since first home is paid off, do I have more options? and if so what are they?
0 votes Thank Flag Link Wed Apr 1, 2009
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