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I have perfect credit in the high 700’s. I already have an FHA loan. I’m going through the same bank for the conventional loan. I have %20 down payment cash. I’ve been pre-approved already. My current home is pending sale. Will they make me sell it or rent it first?

1 Thought on Will I qualify for a conventional loan?
  1. Reply
    February 11, 2014 at 6:24 am

    The bank will not make you do anything – they will add the mortgage payment to your debt ratio. If you were pre-approved with the mortgage counted in your debt ratio you should be fine. If you were to rent the house out now you may have trouble including the rent payments since you have not reported any rental income on prior years tax returns.

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