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Old 03-04-2009, 02:02 PM
 
7 posts, read 27,700 times
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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)?
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Old 03-04-2009, 03:00 PM
 
930 posts, read 2,122,028 times
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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?
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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.
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