“Can We Still Qualify if We Don’t Sell our Current Home?”
I need some advice. We have had our home on the market for 3 months, during this time we have dropped the price $20,000 and it is still not selling. We are at the point we are considering keeping the home and renting it out. Our current payment is $1333 and the property would rent out for $1600 or maybe slightly more according to our Realtor. Does this make sense for us? Can we still qualify for the price range home we want to buy? Let me know your thoughts.
Each situation is different and with these clients they will qualify just fine without selling their current home. Fortunately, they have the ability to handle a down payment without selling.
In certain situations, some of our lenders will utilize a portion of the rental income if there is a lease in place prior to the closing.
If you are not sure, contact me and share the scenario to see if it might work.
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.