Asked by Annalee123, Sacramento, CA • Mon Jan 10, 2011
I bought my first home last month with FHA financing. My plan was to rent this house out once my one year of living here is up. My PITI payment is only $1,074 and the same floor plan in this neighborhood has renters paying $1200-1300 so it makes sense to rent it out. What are my options for financing a 2nd house in a year? I just read online that FHA will not count the rental income so I'd have to be able to afford both mortgage payments without that income. I pretty much went to the top of what I could afford for this current house so there's not a lot left for a second house. Are there any other options? I would not have enough saved for a 20% downpayment for a conventional loan.
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