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Old 01-09-2008, 11:33 AM
 
Location: Oakland, FL
130 posts, read 519,183 times
Reputation: 40

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I own a home in KY and paying on my mortgage (have a 2nd and 1st). Watching my value plummet and can't sell. Dropped home down in price to the point it's 20k less then what I paid for it in 2005 (and I also put 20k into the house!).

Ok, so I haved moved to another state. Renting for now.

I am trying to lease our house out (or sell, which ever comes first). I am toying with idea of trying to get a loan on a new house in FL -- if we can get a wonderful price. (like 03 prices)

Will a lender consider lending a buyer with FICO of 770+, income of about 200k from last year and only debt is cars and deferred student loans of about 20k? For a new mortgage (for purposes of this question --let's say the payment is 2000 Per month for everything)

I am currently paying 2100 per month in old house and if we lease it out it will be for 1700 or so a month. I am paying 1400 per month in rent.

I am worried about the future and naturally would like to get my family in a home while the money is coming in and hope and pray we can either sell the house in KY or keep it a long term rental.

Any thoughts? If something terrible happens (regardless of whether I buy a new home or keep renting).. the first thing we'd have trouble with is the KY house and the payment. I have worked very hard and don't intend to default. If there is a depression and I lose my job and my hubby loses his.. we'll be screwed either way and would have to walk away from KY house eventually.

I certainly don't want anything bad to happen and think that we might be able to make the KY house a decent rental once we pay off the 2nd mortgage (which is doable with some focused effort on paying it down).

But I'd hate to sit on sidelines in FL renting while my dream homes finally get down to a reasonable price for me to buy, b/c of my fear.

Thanks!
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Old 01-09-2008, 01:45 PM
 
Location: Culloden WV
78 posts, read 393,533 times
Reputation: 35
If the ratios are favorable, you should be able to purchase another home and list the first one as a second home until you sell. You will be fine
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Old 12-07-2008, 04:52 AM
 
Location: NE Florida
17,835 posts, read 29,182,796 times
Reputation: 43264
Not only is this thread almost a year old, but it looks like someone didn't read the

Please do not solicit business in the discussion forums

Both advertising/soliciting posts reported
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Old 12-08-2008, 07:50 AM
 
Location: NE Florida
17,835 posts, read 29,182,796 times
Reputation: 43264
Thanks Mods
this persons ad post are now gone !!!
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