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