"I'm going to rent out the home I'm living in...so that I can buy a new one"

Did you know that there are special requirements for this? Renting out your current property doesn't relieve you of the debt ratio involved in calculating your new loan qualification.

Here is some of the requirement:

You need to have 25% to 30% equity (depending if the new loan is FHA or Conventional) in the existing house in order to count any rental income for qualifying.

For more information on this or other loan questions:

Cathy Neuharth
NEW MEXICO BANK AND TRUST
NMLS ID # 470210
Office: 505-401-9012
Mobile: 505-263-3156
Fax: 505-830-6415



When you are ready to buy a new Albuquerque home, contact me today for a free consultation!