Questions for a mortgage loan professional?
Our family is growing (baby on the way) and we would love to have a house. We really want a back yard for the kids and easy access to the house (currently we have stairs to our condo which isn’t very convenient when carrying kids).
Our payment is $1300+taxes. we can rent our place out for at least $1500 per month. The house we would like to buy is $250K (we are thinking of offering $200K).
How can we pre-qualify? I am thinking our options are following:
Get a signed lease to rent our condo and put that in as income. (we currently make $8400/mo and our debts are $1300 (current mortgage) + $600 (credit cards).
Come up with 20% down (we currently have 10%). What is a requirement now? What is the debt ratio now? Pre-qualify this way and rent our condo.
Or our last option would be to buy a house and foreclose the condo….