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Replies (2)
- Patrick Nolan, "Bucks County Banker"
- Contributions:239
You can't do both. If you sell your current home using a short sale you will not be eligible for new mortgage financing for 3-years (FHA - no time limit on FHA if you can document you were 0 x 30 on payments on the current loan up until the time of the short sale) or 4-years on conventional.
You can either rent a new house and have a short sale on the old house, or rent the old house for what you can obtain and qualify for the new house without using any rental income for the old house (assuming it is your primary residence at the time of an offer on the old house).
The only way to purchase a new house in a different area and be able to use rental income from the old house is if you can document at the time of loan application you are already at a new address and the old house is no longer your primary residence. (Fannie / Freddie buy & bail rule)
You can either rent a new house and have a short sale on the old house, or rent the old house for what you can obtain and qualify for the new house without using any rental income for the old house (assuming it is your primary residence at the time of an offer on the old house).
The only way to purchase a new house in a different area and be able to use rental income from the old house is if you can document at the time of loan application you are already at a new address and the old house is no longer your primary residence. (Fannie / Freddie buy & bail rule)
- wetdawgs
- Contributions:26842
If you wish to consider a short sale, please spend some time examining what hardships may be required.
Owe more than home is worth, but we REALLY want to move!
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