Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
Re: Here we go again......
I think we need to know what the purchase price of the current home was or your current mortgage payment and how much house you are looking to buy plus your income.

If there is anyway you could find a renter now and have them sign a lease agreement starting from a point that you estimate closing will be and receive a deposit for the property, you might be able to provide that lease agreement to the Broker, which will show that you will be renting out your current house for $$$$ and then they may be able to exclude your current mortgage as debt. Just start by putting an ad in the paper or some other outlet saying available this summer! Come by and see the property today and a signed lease agreement plus deposit will hold the property.

No guarantees on this of course as in some twisted way someone can use this loophole for mortgage fraud which ruins it for everyone else. So, you might have to have the renter in the home for a determinate amount of time and prove you have been receiving rent for that time for the mortgage debt not to count against your income. But I would definitely talk to a broker and tell them you plan on renting your current house and what info would they need for the mortgage payment to not be factored in your DTI.
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