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Updated almost 3 years ago,
Best loan for this scenario
I'm currently renting my primary home as a STR vacation home in SW FL.
I want to buy a primary property in another state and convert my existing property into fulltime vacation rental and use the cash flow from that property to qualifye for another mortgage..
My DTI-41%
(not including rental income)
700 FICO
The new primary home is a residential acreage with a building that has a commercial tenant with a 5 year lease of $1500 rent a month..
Can that income from the building tenant be used to qualifye for the loan???
Can I use rental income if I did a long-term rental on my current home.
And the last bit of information that may be relevant....
The acreage property that I want to buy and use as primary will most likely appraise $300,000 mote than purchase price.
I also have approximately $200,000 equity in my current primary.. FHA Loan..I've owned and lived in it 6 yrs.
Can someone out there help me with this...how can this be put together from the lending side..
Thank you