My primary was on the mls but not anymore. Can I rent it out and count the income towards our dti ratio if we want to purchase another primary in a few months?
Does FNMA not count the income only if the primary is currently on the mls and you try to rent it because it isn’t selling?
Troy,
You will be required to qualify with both payments without rental income unless you have at least 30% equity in your current primary verified by at least a drive by appraisal. Hope this helps.
You will need at least 25% equity in your primary residence and they will credit you 75% of the rental income (need copy of signed lease and proof of security deposit).