Mortgage eligibility with rental property.?
We have to move to NC for my husbands job by the end of the year. Our house in IL has been on the market for several months and we have dropped the price as low as we can to pay off our mortgage and pay the agents without a penny for us. Unfortunately with all the foreclosures & shortsales in our area we can’t compete and have not been able to sell. We are considering offering our property for lease or lease-purchase but want to make sure we would be able to get a loan to purchase a home in NC. Our income is $ 90,000 current mortgage is $ 2000 a month we would likely get $ 2100 in rent. Can we still get a mortgage for a $ 300,000 home if we rent out our current home. (We have 10% down payment already saved).