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AV Asked:

I live in a 2 and 1/2 year old home with 1,50,000.00 dollars mortgage remaining to pay off. Current market value of the home is around 2,50,000.00 for a 2600 square feet home. Our yearly gross income is 85,000.00 dollars. Our personal property value is about 75,000.00 and 401k value is 80,000.00. Our Credit history is excellent. We do not have to pay any other payments other than utility bills. Can I rent this home and buy another home? If I can, for how much we can qualify for? Or are there any other options available? AV [Bethany OK]



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Answer Provided by: Andy Griffin [04/10/2007]

You would need to speak with a lender in your area, but it sounds like you should have no problem qualifiying for a new home and converting your current one into a rental.