There are a couple options that you can choose from:
Option one: FHA loan- the guide lines state that you have to be stepping up from one home to a bigger, newer, or closer to work home. In addition to that if you cannot qualify with two mortgages you will need to have 25% equity in the property that you currently own. With this equity you can count rental income based on contingent lease agreement. This will help offset the mortgage associated with that property.
Option two: Conventional loan: the guide lines state that you have to be stepping up from one home to a bigger, newer, or closer to work home. In addition to that if you cannot qualify with two mortgages you will need to have 30% equity in the property that you currently own. With this equity you can count rental income based on contingent lease agreement. This will help offset the mortgage associated with that property.
Option three: You can rent out your property for 12 months then file the rental income on your tax returns. This will be the only exception to the equity rule for mortgages.
For more information about this subject and about loan questions please contact Frank Marta Texas Home Loan Specialist. Info@nuhomegroup.com
NuHome Group 713-373-0345
1445 North Loop West Suite 105 Houston, TX 77008
Frank Marta NMLS# 245813/835196
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