Austin Investment Home I Have 2 Homes That I Have Rented Out, This Covers The Mortgage And More. Can I Buy Another Home To Live In?
I have 2 homes that I have rented out, this covers the mortgage and more. Can I buy another home to live in? - austin investment home
Recently I moved to Austin, TX for the Houston area, when I have a new job. It was therefore necessary to rent a house and rent my house in Austin area. This income covers the mortgage, insurance and warranty for the owner of the house and leave me a little money (about $ 50 parts). I bought an investment of exclusion, have also hired. The same rent covers the mortgage and insurance and maintenance warranty. Can I have a third house? I have never been late on any mortgage, credit cards and car. I carry no balances on credit cards. I pay 10-12% down payment.
I have very good credit rating. N, chess, etc., with a fairly decent result.
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3 comments:
Talk to see at a mortgage lender or broker to see if you can qualify for another house. You have to stay for some time (at least 6 months have rented) and capable of income that prove to create it. Sometimes you need to) a copy of your Schedule E of your federal tax return (List additional income from such things as rental property. So would have been rented in the past year.
The calculation of income from the rental of real estate, lenders, only 75% of rental income when calculating your debt to income ratio (which determines to what extent, if any, they give you to buy other property).
It depends on how long it actually happened. If you have a stable rental income for three years, the banks will see this as a good thing. It also depends on how much income you have, and the capacity (on paper) to three mortgage in the event the tenant does not take pay.
I want to with your bank before he spoke to the shopping cart.
The lender will ask, but it sounds like someone is looking for, investment, significant other (of course, may not invest a penny at this point) and especially if you do a good job and have good credit
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