“Can We Still Qualify if We Don’t Sell our Current Home?”

“Can We Still Qualify if We Don’t Sell our Current Home?”

 

 

 

Joe,

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.

Dave

 

 

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

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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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.

Comment balloon 4 commentsJoe Petrowsky • November 30 2018 07:10PM

Comments

Good  morning Joe Petrowsky and this is an example of why a well-versed mortgage consultant is important to have by your side during every transaction.... another job well done, Joe.

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) 7 months ago

Great information!!! Thank you!

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.

Posted by Sham Reddy CRS, CRS (H E R Realty, Dayton, OH) 7 months ago

Good morning Joe. They were wise to seek your consultation. Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 7 months ago

This is a great question that comes up with sellers who are having trouble selling.  An experienced lender like yourself can make all the difference for a good outcome for a client.

Posted by Francine Viola, REALTOR®, In Tune with your Real Estate Needs (Coldwell Banker Evergreen Olympic Realty, Olympia WA) 7 months ago

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