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