QUESTION: I want to turn my current home into a rental and buy a new home. Can I do that since I purchased it as my residence?February 15, 2019
QUESTION: I am on a fixed income and want to buy a home with a fixed rate. What happens to my payment if my taxes and insurance go up?February 15, 2019
Most of the time you can use the rent to help qualify! The FNMA formula with allow you to use 75% of the rent against the payment. The 25% discount allows for expenses and vacancy to be estimated. This means if you buy a nicely cash flowing property, it could actually help you qualify better. Some products require you to have landlord experience or at least at higher LTVs to use the rent.
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