I am selling my house with a lease option. How does a lease option effect your debt to income ratio?

I am selling my house with a lease option. I am wondering if this will effect my debt to income ratio when I try to get a loan for a new home.

I am selling my house with a lease option. How does a lease option effect your debt to income ratio?
The process for this varies by lender (the one for your new home) - there are a couple options:





Your new lender can order a "Comparable Rent Schedule" from an appraiser in your area. The appraiser will find out what homes like yours are currently renting for and report it back to the lender in an appraisal form. The proposed rent from the "rental" will be considered income and can lower your debt-to-income ratio.





Or, if you've got a tenant, you can provide a signed rental agreement that shows you have tenants and income for the home. This will also lower your debt-to-income ratios.





Like I said, it will depend upon many other qualifying factors and your new lender's guidelines.





If you've got more questions, let me know!
Reply:In my experience, your new lender will only consider 75% of the lease amount as income. If you want to "cover" your mortgage completely, the lease amount must be at least 133% of what the mortgage payment is.





For example: Let's say your mortgage is $750 per month. If you lease the house for 133% of the $750, that comes out to $1,000 per month.





If your mortgage is $1,500 then you must lease the house for at least $2,000.





Hope this helps.
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