Home loan question

[Anonymous]

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@BrianB_The_Loan_Professor wrote:

As long as she has a solid equity position (usually 30% or more) you can count the rent without the two year history

Does she owe quite a bit less than what the rental is worth?

Good Luck - 

BrianBTheLoanProfessor

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Hey Brian, I think FNMA eliminated the 30% equity/6 months of reserves rule last year.

https://www.fanniemae.com/content/announcement/sel1507.pdf

[BrianB_The_Loan_Professor]

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@Anonymous wrote:

Well she owes around 98k on her rental house and it is worth around 120k so she looks good from that stand point. Like I said originally though she has a 12 month lease agreement in place already. If it helps any her salary is 60k/yr and her DTI ratio counting both  houses and her other debt is 36%. So with the new house payment it would increase her DTI to 43% which every lender I've talked to said is okay as long as it's under 45% or so. But if we could include her rental income than her DTI would be much much lower!

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With that total debt to income You should be fine regardless of program - dpeezy is correct the 30% requirement is no longer needed for conventional loans - for fha things are still a little tighter - 

Good luck with the purchase