Can I carry two mortgage loans?

[diane7737]

I am trying to buy another home to used as primary. Need to relocate for better job. In motion pic business for years. Which ever state has better incentive tht is where they go. I have a rental house paid for. Just rented January, bank will not consider rent income because not on last year return, even though have lease and proof check in the bank every month. Have reserves in bank for both mtgs for 8 months.

Scores in the 800 and 790's, no cc debt, no auto loans, my current primary is 50% LTV considering this market.

I was out of work this year due to corrective surgery of prior surgery and due to that-no dice. Even though my last two years agi qualifies me for both mtg including the fact worked less in past two years still have enough to qualify.

Back to work, provided check stubs, provided rent and lease, provided documentation on surgery, no-dice.

The banks is deducting my last years 2106 expenses from my unemployment??? In-between shows go on unemployment very common for industry.
The are not adding back into income depreciation and the (irs pub 463) .21 per mile allowance for depreciation on mileage deduction.

Where does one go? The rental house is free and clear, I have vacant land lots free and clear very little taxes.

Any suggestions for help? To rent a house is $1200 to purchase is $700. Work is very strong in the area for me and I have been working there for over 2 years. My home state offers me nothing anymore. I have a conventional first and do have equity line with 50% available and with both loans on house still 50%LTV Have family need house do not want to throw away rent.

The house I am looking to purchase (under contract) no financing contingency auction, is a fannie mae. It is a good deal

Anyone have good mortgage broker that can get a deal done these days?

[chris_ut]

Everything is FHA now and all same rules. Look for someone willing to do owner finance with 1 year balloon so you can get the rental income on your taxes.

[scottwmson]

Yes you can have more than one mortgage. in many cases you can use the rental income to off set the monthly debt.

[piyf]

Scott you fixin to get owned and for good reason.