Financing in 18015>Question Details

cynthia, Home Buyer in Chambersburg, PA

For one , i would like to relocate to the bethleham pa area from south central pa, i am a nurse and make a decent living. One , i am currently

Asked by cynthia, Chambersburg, PA Thu Jul 22, 2010

upside down on my home...i would like to sell as a short sale, but would i be able to purchase something right away after that. my credit is in the low to mid 700's. for two, would i be able to keep the current home until the market picks up , and buy a multifamily to rent out in bethlehem area, that i could stay in but rent part out to help me with bills.?? I'm not sure if i should try and wait until i can break even on this home, or should i do short sale, or purchase something and own 2 properties until the market picks up.

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Cynthia,
You should call a lender right away before you do anything, and tell them exactly what your plan is. You need to know the facts, so you can make your best decision. Financing has changed drastically.
1) If you do a short sale you may not be able to get financing for years for another home with that on your record
2) You may not be able to take out a new mortgage regardless of your credit score, with less than 25% equity in your current home. Too many people have bought new homes and the reduced prices and let their old one go into foreclosure. They have plugged that hole a year ago.
If you need a name & # just email me.
0 votes Thank Flag Link Thu Jul 22, 2010
Hey Cynthia,

I just emailed you an update to this question..

Thanks,

Cliff
0 votes Thank Flag Link Thu Jul 22, 2010
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