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mkolivier · Joined: 01 Jul 2009 Posts: 3 1.93 Dollars($)

We moved across the country, because we found a different job. The old job wasn't working out.

We are trying to save 20% down on a primary residence here because it will be cheaper than renting.

We still, however, own a home in the previous state. We are renting it out at a big loss. We lose over $1100 per month, because rent in that area is so low. Our house is also underwater by about $150k. Our mortgage payment is $2300 and we get $1200 in rent. We owe $327k and it's worth less than $200k.

Household income is $115k. We have no other debt. There is only one wage earner. We have kids that I stay home with.

How difficult will it be for us to qualify to buy a primary residence when we have this rental property (by default) that is currently a very bad investment?

mkolivier · Joined: 01 Jul 2009 Posts: 3 1.93 Dollars($)

This was my first posting here and this is rather off topic, but why did it say I earned $1. and some cents?

Just curious....do we earn money for posting here?

gmakerley · Posted: Wed Jul 01, 2009 7:25 am Post subject:

yes you do, mk, but not enough to feed those kids! read the community guidelines and you'll have a better understanding.

as for your query...depending on the debt load that you'd be undertaking, the loss on the other home might not hamper you. it's difficult to give you a proper answer without knowing what your potential monthly payment would be.

mkolivier · Joined: 01 Jul 2009 Posts: 3 1.93 Dollars($)

Say we bought a $300k house with $60,000 down. Our loan would be 240k and our payment would be 1438.92.

Would we be approved for a normal loan under these circumstances?

Thanks.

gmakerley · Posted: Wed Jul 01, 2009 7:44 am Post subject:

it sure seems like that would work, mk. if no other debt is verified, other than the mortgage on your existing property, then your ratios would be quite well in line for an approval. of course, that's merely an opinion at this point and everything would be subject to verification (but you know that).

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We had to move and still own a home that we are renting out and we want to buy a primary residence