Frederick county, Virginia, VA · Member since 2012 · 6 posts · 0 votes
I own 2 properties, both have mortgages. 1 is rental and the other is primary residence.
I need to move for work, wich iis in Washington DC and is over 80 miles away from my current home.
I would like to keep both the residences. My debt to income inst great maybe 60%. Do you have any suggestions on how best to do this?
I have been told to look for private financing and also there maybe some government programs. I could come up with 10% to put down on the new residence, but would prefer less.
Usually a lender will consider your rental income if you have 2 years of tax returns showing that you claimed income from your rental (Schedule E). From what I have seen in the past they will take 75% of your current monthly rental income to offset repairs, utilities, etc. In addition you will need to show your current leases and any other supporting information that might need to give the loan officer confidence that future rental income is likely.
My husband is active duty military we have moved ALOT and worked on a very small him. When we moved from VA to CA, we bought our 4th house on mortgage with a LT Jg salary. We have since bought a 5th property as a personal with 5% down. they weren't all personals but the point is they will count your lease income.
So totally doable. We have found that going with local mortgage brokers, while not always the best "deal" has been the most flexible allowing leases to count against debt to income ratio. So you will definitely need to shop around. That being said I would get everything rented out NOW!