Hello.

I am buying a new house and will soon rent out my current house.
My backend ratio for the new property is at 29%, (which includes my current mortgage).

Will pentagon federal cu allow such a transaction? I don’t need that whole “you can use 75% of your rental income to qualify for your new place” etc

I’m asking bc I know their car loans do not lend for a car over 10 years old, and wonder how stringent their underwriting standards are for mortgages.

Thank you

Have you looked at the situation on the rental market now? It may happen that offers exceed demand by several months. If you plan to rent your home to pay the next mortgage, then you should weigh all the risks. As far as I know from the situation in Canada there is a large selection among furnished apartments to rent in toronto. These apartments have good design and expensive interior decor. This type of housing is well superseded by ordinary residential rent.

Pen fed gots great rates for everyone