U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Old 03-04-2009, 02:02 PM
7 posts, read 27,700 times
Reputation: 13


I am a homeowner in the Atlanta area and want to take advantage of the current housing market. I am aware of the tighter restrictions on converting my present residence to rental since my income cannot cover 2 mortgages, therefore this may not be an option.

Does anyone know of any other alternatives/options other than selling my current home (possibly at a loss since I've only been in it for 3 Years)?
Reply With Quote Quick reply to this message

Old 03-04-2009, 03:00 PM
930 posts, read 2,122,028 times
Reputation: 1000
Yeah, you are probably gonna take a bath on that current home. What makes you think you won't buy, bail, and be posting this same question 3 years from now?
Reply With Quote Quick reply to this message
Old 03-04-2009, 03:09 PM
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,100,246 times
Reputation: 952
Unless you have the required equity (30% for conventional, 25% for FHA) to use the anticipated rental income (providing you have a rental agreement and a copy of the security deposit check) there is absolutely no way for you to purchase another home without qualifying with both payments. The one exception to this rule currently is VA, as there is no equity requirement for converting current primary to rental that I have heard of yet. I don't expect that VA will allow this for much longer.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.

Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top