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lovnicu · Joined: 10 Jun 2009 Posts: 1 1.41 Dollars($)

I reside inTexas have a home under FHA want a larger home
do we need to sell the home we are in first? would it count against us if we use it as extra income by leasing it out and would we have to do that first in order to purchase another home? how clear does our credit have to be? do we need a high fico score? what if just let a buyer buy us out. the house was built in 1997 and I have been the only owner. my husband can get a VHA loan. should we hire a realtor to help us. my husband is not on the mortage with me. we married 3 years ago.

jenkin7 · Posted: Thu Jun 11, 2009 2:44 am Post subject:

Hi lovnicu,

You do not have to sell your current house to purchase a new house. You can lease out your present home, pay off the existing mortgage and use any extra cash as your income. As your husband is eligible for a VA loan, he can apply for one to make the purchase of the new house. The qualifying process for a VA loan is much smoother than that for any other types of loans. However, a credit score of around 620 is required to qualify for a VA loan. If you want, you can also sell off the house and pay off the existing mortgage. In that case, hiring a realtor will be worthwhile.

robertsmith2005 · Joined: 22 May 2009 Posts: 338 -0.48 Dollars($)

no need to sell

VA loan is easier to qualify for than a regular loan. It also requires little or no down payment in order to purchase a home. Veterans who had served during World War II (on active duty) or at some later period and honorably discharged later can qualify for VA loans. A veteran not having a certificate of eligibility can obtain it by completing VA Form 26-1880.

brian3 · Joined: 09 Jun 2009 Posts: 80 21.31 Dollars($)

With current underwriting guidelines you will not be able to use the income from the home you intend to lease/rent unless you have 25% equity in the property. If this is not a problem and you do not wish to sell then I wouldn't. If this is a problem, my adivce would be to sell the property first before you purchase your new one, its a tough sellers market right now and the last thing you want it to carry two mortgage payments if you have any problems renting it out

eric2 · Joined: 28 May 2009 Posts: 20 6.32 Dollars($)

Alot of good answers.. You do not need to sell your current home but will need to qualify for both homes.
We are based in Dallas TX and if you have the time and are interested we would like to help you out.

Gregg
"gregg@amflending.com"

[Email address deactivated as per forum rules]

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