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KristinaMaria · Joined: 01 Jun 2003 Posts: 1

I have a small 3 bedroom home that me and my family have outgrown. I am wanting to rent the home and would like to get prequalified for another loan so I can start looking for a larger home? Is this possible to do? If so how would I go about wording this to the lender because I would be carrying 2 mortgages. Rentals are really up in my area due to lots of foreclosures and since the market is stagnant right now there are nice larger homes going for a great price because sellers are getting desperate because house has been on the market for a while or are trying to get out before ARM loans adjust. Would this idea work? Information is appreciated. Thanks.

OpenBookAdvisors1259 · Joined: 18 Jun 2003 Posts: 1

Marty Marty..........will you ever answer a question??Yes it is possible. Luckily for you, you dont have to know how to word it . It is the job of your mortgage broker to do that. You will need some reserves. Your rent will be counted as income with 2 mos vacancy considered. As long as the rent will cover your expenses.........and you can qualify for financing on the other property. You will need to hook up with a mortgage person who can help you with structuring it right.We not only do loans but also have multiple rental properties and have lots of tips for managing property on your own. IF you turn over to a management co. they never do a better job than you will with your own investment.Give us a call..........we can run the numbers for you and tell you if its doable and how. We have a live chat link on our site.Good LuckOBA™

CWL · Joined: 05 Jul 2003 Posts: 3

simply the first thing that is necessary is to find a home or 3 that you are interested in, find a prospective tenant for your home waiting in the wings.Now take your information to a mortgage lender or your bank that is familiar with your credit situation and get pre-qualified.once you present the tenants lease to the lender along with the good credit score you have, the lender will tell you the amount you are pre-qualified for.Not much to do, but get out there and find a place to go to once you have all your ducks in a row.