Mortgage broker recommendations for full workup of possibilities (sale, rental)

[Kaliper123]

My situation is perhaps not unusual. I need to rent out our current home before we buy a new one.

I need to talk to a mortgage broker to walk through the possibilities of how we can swing that and weigh our options.
We will probably have to buy at the top end of our range, with little room for manouvering...

The market I am looking at has very little inventory and knowing what we can qualify for is important.

What info do I need to gather for that conversation ?
Please recommend brokers that can guide me through this.


Thanks

[homesinseattle]

Dave Zulinke at Land Home Mortgage is very good and down to earth. His number is 425-319-6101. Tell him Vince sent you.

[Daddys///M3]

Bear in mind that if your home is not currently rented out your chances of using the rental income is slim to none.

[Kaliper123]

I will probably move out of the house to a rental myself, while we fix the house to rent it out.

Are there any worksheets that I can use to run some scenarios ?

[homesinseattle]

Daddys, you are correct. Generally, your home has to be officially leased for one year to not count against your debt to income ratio. Kaliper, just call a lender. It won't hurt to get the information. Adam Zylstra of Penrith Home Loans is another good one, 425-879-0766. You can also get solidly preapproved contingent on the sale of your home.

Here is a good strategy I've used for a number of clients in your predicament. Remember that right now it is good to be a seller. So, my clients fix up their home while they are living in it, clean it, stage it, we get it on the market usually on a Wednesday. We set a fair price, market it with gusto, have open houses, wait until the following Tuesday to review offers.

On Tuesday, we often have 4-5 offers, usually escalating over list price. We accept the best one, but more importantly the buyer who is willing to rent back to my sellers for 30-45 days after closing, giving my clients and me enough time to get them another home and often close them simultaneously. I do this all the time. It takes solid preparation but is quite achievable.

[Kaliper123]

thanks for the contacts.

We do not want to sell this house. If it comes to that we may not buy another house, but just rent in the area that we want to live for the next few years....

[homesinseattle]

Sounds like a plan. Some people are able to get approved anyway with their level of income, essentially qualifying for the debt to income for two homes. With the rates so low, this is actually pretty feasible, if you make a good income.