Did you know that there are special requirements for this? Renting out your current property doesn’t relieve you of the debt ratio involved in calculating your new loan qualification.
Here is some of the requirement:
You need to have 25% to 30% equity (depending if the new loan is FHA or Conventional) in the existing house in order to count any rental income for qualifying.
For more information on this or other loan questions:
Cathy Neuharth
NEW MEXICO BANK AND TRUST
NMLS ID # 470210
Office: 505-401-9012
Mobile: 505-263-3156
Fax: 505-830-6415
When you are ready to buy a new Albuquerque home, contact me today for a free consultation!
Linda DeVlieg Killman
Let me, an Albuquerque real estate broker, help you find your dream home or sell your current home - with a personalized marketing program set up for your needs and expectations. I want to be your first source for real estate information and I am the number one Internet real estate expert in Albuquerque. Specializing in all Albuquerque neighborhoods and the beautiful area of Chama Valley in Northern New Mexico. Contact me today to get started!
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