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How can we purchase another home without selling our current one?

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:1

We won't be able to sell our home for what we owe on it. But, we are in desperate need of a larger home since we took in a couple of teenagers that were kicked out of their family home. Is there any way to purchase another home and, say, rent our current one out? Please help. Our home is only 1500 sq ft with 5 grown people in it. I'm desperate for a way out of this mess. Any advise you can offer would be very appreciated.

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March 24 - Victorville

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Aaron Lazenby, "mortgagewithme"
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Aaron Lazenby, "mortgagewithme"

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starlite-
What you are proposing to do probably isn't possible, but may be under a few circumstances. I would contact a reputable loan officer to look at all the variables of your situation to be certain. Here are a few lending guidelines which would need to be considered in order to accomplish what you are proposing to do:

You would need to be able to qualify for a new mortgage one of the following ways:
1) Qualify with carrying both mortgage payments
2) Have at least 25% equity in your current house in order to utilize the proposed rental income to qualify. This is accomplished by having a new appraisal completed
3) Relocation due to new employment or being transferred with an existing employer

Best of luck

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Question need to see a list of homes near maple valley rd. 92392 area in victorville

Question like to know pros and cons of buying a property .. cash or payments?

Question how come zillow doesnt list properties that have a pool/spas? or does it and I just dont know how

Question how can I find out who is the owner of the property?

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Question Tract Homes

Question need to see a list of homes near maple valley rd. 92392 area in victorville

Question like to know pros and cons of buying a property .. cash or payments?

Question how come zillow doesnt list properties that have a pool/spas? or does it and I just dont know how

Question how can I find out who is the owner of the property?

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