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Updated over 6 years ago on . Most recent reply

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David Lewis
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4th Mortgage Approval Question

David Lewis
Posted

First Post on this forum. 

I am going to be relocating out of state for work soon and have a question about the likelihood I would qualify for another loan. My wife and I both work but she will be quitting and becoming a stay at home mom when we move. I make $85k a year from my job. 

I currently own a property that has two rentals on it with a principal mortgage of $2650 and a Heloc for $550 a month. Total Gross Monthly rent between the two rentals is 4550. 

I own a condo that I am currently living in a condo with a mortgage of $2205 and an HOA of $417. It can rent for between $1800 and $2000 and I will be renting it out when I move.

By the time I move I will not have any debt other than my mortgages. We both have credit scores of over 750

When we move I will have about $65K in liquid cash or so for a down payment on a house. Will I be able to qualify for another loan on a home and what price range should I expect? I am also considering buying a duplex and living in one side and renting out the other. 

We would like to buy another home instead of renting but we want to be realistic. 

Any help would be appreciated.

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