We need to move because my husband got transferred. It looks like we are going to have to rent our current house because we have had no luck selling. Will we be able to qualify for another mortgage if we still own our current home? Can we use the rental income as part of our income?Can we get a second mortgage if we need to rent out our house?
Yes, the rent is part of your income - but the mortgage loan is also part of your debt. The lender (for a new loan) will look at your whole financial picture.Can we get a second mortgage if we need to rent out our house?
Depends on your income.
If you have enough income to support both mortgages and good credit the answer should be yes.
You may find that where you are going many people could not sell their homes either. So you may want to rent with option. This can save you money.
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