Looking to rent out current house
Hi,
We are looking to move into a bigger house and rent out our current house. We are thinking of applying for the Fannie Mae Family Opportunity Mortgage, since my mother would be living with us. I'm just wondering how much potential rental income could help us to qualify for a new loan. We have quite a bit of equity in our current home, but live in an area of California with extremely high housing. The new loan would be significantly more than what we currently have, around 3X. Rentals are really tight in this area due to nearby university and agricultural communities.
Im really excited about the idea of having a rental and it allowing us to take the next step on a property that better suits our needs and generating cash flow to pay down both loans.
Just wondering if anyone has any thoughts or suggestions about the best strategy for approaching this situation.
Thanks in advance!