Can I rent my current home and use the income to qualify for a
new home using FHA? Maybe.
1.) Relocations: The
homebuyer is relocating with a new employer, or being transferred by the
current employer to an area not within reasonable and locally recognized
commuting distance. A properly executed lease agreement (i.e., a lease signed
by the homebuyer and the lessee) of at least one year s duration after the loan
is closed is required. FHA recommends that underwriters also obtain evidence of
the security deposit and/or evidence the first month s rent was paid to the
homeowner.
2.) Sufficient Equity in
Vacated Property: The homebuyer has a loan-to-value ratio of 75 percent or
less, as determined by either a current (no more than six months old)
residential appraisal or by comparing the unpaid principal balance to the
original sales price of the property. The appraisal may be an exterior-only
appraisal.
Happy Selling!
Jerry Alexander
Underwriter
Gateway Mortgage Group
1255 W. 15th Street| Ste. 540|
972-908-3390 ext. 132
jerry.alexander@gmos.us
2/19/2010
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