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I purchased a home 5 years ago on my own. Then I got married this year. We are looking for another home so we can start our family(this home too small). I owe 81K on the home it might be worth 70K now...So selling is out I feel cause we dont have 10K to cover the excess..so I thought we could rent our home and qualify for an FHA loan...Any suggestions on what to do?
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Sammie,If your husband is using his income and assets or receiving a gift for the downpayment and can qualify on his own then he can get an FHA mortgage for the purchase of a new primary residence.The liablities that his debt to income will be calculated on will be those that are on his credit report. He shouldn't run into any issues with the fact that you own a property that your family currently resides in. The only time this will be an issue is if your buying down in value. The UW may suspect that a buyer is attempting to purchase an investment property that wouldn't be owner occupied.
Not all lenders will do this purchase. Your lender may be one of those. It is a good idea to try and improve your credit score. Why is your score less than 640?
If you are at 40% carrying both you shoudl not have any issues getting approved. If you posed the question the way you did on this thread they may have thought your existing mortgage was an FHA loan.
FHA does not limit you to one property. The limit you to one FHA insured property.You will need to qualify carrying both properties, without rental income from your departure residence.
My best advice for you is to talk to your local Mortgage Professional.
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