Profile picture for annkeys27

I am getting married and my fiance and I both own homes

His house is underwater but he is currently renting it out and living in my town house. We would like purchase a home together because both properties are too small for a family. I am a veteran and I have not used my VA loan my first mortgage is a FHA and my house is not underwater but does not have much equity; it is very close to Disney World and can be used as a vacation home or long term rental. What are our options? Would we qualify for a 3 mortgage? Should we sell my town house and keep his house until the market gets better? 
  • November 15 2013 - Kissimmee
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Answers (7)

Profile picture for LouisaGhali
 speak with a lender to discuss your situation in detail
  • November 21 2013
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Profile picture for wetdawgs
Congratulations on your upcoming marriage.     This is something the two of you can approach step by step,  identifying a plan and working through it systematically.    It is only an emergency if you are expecting quadruplets in a few weeks!

Can you afford to carry three mortgages on your current incomes?    Have you been getting rent long enough on his place that the income has shown on his taxes for a couple of years?

Work with an excellent lender to identify some possibilities that work for the two of you, your current incomes as well as your long term needs.  
  • November 15 2013
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Hi Ann,

There are many options t[self promotion deleted by Zillow moderator. Please see our Good Neighbor Policy.]
Thanks
  • November 15 2013
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If you don't believe that you have negative equity in your home you may want to strongly consider selling it.  If your fiance's debt to income ratio will negatively affect your ability to purchase another home, you could consider financing it in your name only.  If he has negative equity in his home and is unable to bring the remaining money to the closing, it is probably best that he continue to rent it.  I suggest you contact a local real estate agent and request a comparable market analysis to see what your homes will likely sell for.  Also, it would be a great idea to speak with a loan officer to see what your options are.
  • November 15 2013
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Profile picture for JoshBarnettREIB
Contact a local lender and go over the situation with the lender.  The Debt to income ratio may be the hangup on the deal.  

Confirm with a local lender you can sit down with. 
  • November 15 2013
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Hi Ann,

I think you could benifit from speaking to a Realtor as well as a mortgage loan officer. I'm glad to help in any way I can. You can contact me if you like. Just click on my picture for my details. Have a great weekend.
  • November 15 2013
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I can definitely help look at your situation to see what we can do to qualify for 3.  You do have the option rent out the 2 you have until the market gets better.
  • November 15 2013
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