Question : I have 2 homes that I have rented out, this covers the mortgage and more. Can I buy another home to live in?
I recently moved from Austin, TX to the Houston area as I have taken up a new job. This required me to lease a home and rent my home in the Austin area. This rent covers the mortgage, Insurance and home owners warranty and leave me some money (about $ 50 to spare). I also bought a foreclosure investment that I have rented out as well. Same thing rent covers the mortgage and insurance and maintenance warranty. Can I buy a third home? I have never been late on any payments mortgage, credit cards and car. I do not carry a balance on any credit cards. I can afford to pay 10-12% down payment.
I have pretty good credit. No bankruptcies etc. and a pretty decent score.
austin home insurance

Best answer:

Answer by Lauren F
It depends on how long this has been going on. If you have had steady rental income for three years, banks look upon this as a good thing. It also depends on how much income you have, and your ability (on paper) to carry three mortgages in the event one of the renters stops paying.

I would talk with your banker before going shopping.