Â There are so many people who have been displaced through foreclosure or short sales, they need to rent for 3 years before they can qualify for a mortgage. Â Many renters in our area were once homeowners and wish to purchase again, they understand the importance of maintaining a home and keeping it in good condition.
Qualifying for a mortgage while you own a property with a mortgage is not easy. Â If you can qualify, seriously consider buying a home now, at one of the lowest prices possible, at the best interest rates ever, rent out your townhome and then sell it in two years when you can break even, or maybe even make a little money from it.
One more benefit of buying now is that many mortgages are assumable with qualifying, including all FHA loans. Â This means when rates are higher in a few years, Â homeowners with low interest rates can offer an assumable mortagages of 3.5%, a real advantage for your re-sale value.
Call me for a quick analysis of your situation, 612-889-6496. Â We can likely just chat on the phone and determine if itâ€™s worth scheduling an appointment with a mortgage officer.