Usually if your income will support it and your current home has a lease that shows those expenses are covered you may qualifify for another loan. Contact a mortgage professional in your area and discuss your situation.
All the best,
There are so many factors that need to be considered. I have assisted several homeowners faced with this situation. Please feel free to contact me and we can go over your options!
Coldwell Banker Honig-Bell
Crystal Lake, IL
It depends primarily on the following variables:
1. Which financing program do you plan on using for the purchase, I.E. Conventional, FHA, HomePath, etc.?
2. How much equity do you have in your current home?
3. How long have you had your current home rented out?
4. How many months of your current home's payments do you have saved in reserves?
All of these questions might not be applicable - but if you can provide me answers to them I can give you some basic guidelines on what underwriting with require for different programs. I own rental property myself in the area myself, as well as my current home, so I have first-hand knowledge of what is typically required. Please feel free to contact me directly, or via my website - http://www.SelectiveBuyer.com with any questions you might have.
Terry Farnsworth, Licensed Broker
Prospect Equities Premier
If you are renting your current home and have been for more than 1 year the mortgage may not count toward your buying power. Provide me with more details so I can give you better information.
Broker Baird Warner