Hi,
I have an interesting situation going on in my life currently.
I just refinanced (check hit my mortgage company today to close first mortgage) and have been asked to relocate for work (yesterday).
So here is my situation..... We want to rent our current house, and purchase a new home in our new location. We do not wish to sell the house at this time. Our neighborhood is booming, and we do not wish to loss the potential income as it continues to improve.
Here my numbers:
Current House:
Appraisal - 229K
Mortgaged amount - 200K
Current Mortgage Payment - 1240
Goal new mortgage 290-330K
My financial info:
Credit Score (fico) - 797 as of today
Debit to income (without mortgage) - 0.9%
Debit to income ratio with mortgage - 13%
Income 100K annually.
Wife's info:
Credit score - 678
Debit to income - 0%
Income 65K annually.
Judgment paid in full -5 years ago
Currently I am the only person on our mortgage. I contacted the mortgage bank that I used to re-fi and they approved me for an additional 150K for a 2nd mortgage (including my first mortgage.) We are moving to a very expensive area, and this will not even buy a vacant lot.
I inquired about renting my current property and they shared I need 70% equity or 2 years of rental experience with tax returns to verify income on property to use the rental income towards my debit to income ratio.
If we rent our house for the 1600 we suspect we could I will qualify for the mortgage we need to buy a decent home in our new town.
So here are my 2 questions (long lead in I know)
1) How can I get the bank to view my rental income (est of 1600 per month) on my application without paying off 30% of the home or renting for 2 years. IE could I used a property management company, etc
2) Would adding my wife hurt or help my approved amount on the 2nd mortgage?
Thank you all for your help an guidance.
