You would have to have a relative or very good friend to stay with until you get the renter, or some sort of living arrangement in order to have time to place the renter, but this increases the time you have to find the right place for you.
Any more questions? I am here to help.
Keller Williams Realty
You will have to qualify for the Conventional loan which is a little tougher to do than FHA since the down payment requirement is a little higher and the guidelines to qualify are a little bit higher.
But the fact that your rental is FHA will not affect you qualifying for a conventional loan.
Let me know if I can help!
1. Can you qualify for both mortgages and your current debt and maintain a debt ratio not to exceed 45%
2. Do you have a history of renting the property previosly? (tax returns are used to verify this rental income)
3. Is the home with the FHA loan your current primary residence
4. Do you have sufficient reserves for both properties
I would advise you to consult with a Loan Officer (I am a Loan Officer) about your specific situation.
Contact me at your convenience.
Vino Alonzo, Loan Officer
Castle & Cooke Mortgage
There may be some caveats depending on your file.... So you need to do a full application with a loan officer and see if this is doable for you!
(214) 763-4629 cell/text/nights/weekends(Really!!)
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Aside from the length of time you have occupied the current property, the biggest question is if you can afford and qualify for both payments and if not, can the rental income be used to help you qualify. The answer to the second part lies in the amount of equity (if any) you have in the current property. To secure new conventional financing, you would need to demonstrate 30% equity in the property you are vacating in order to use any of the rents.
Consult a licensed loan officer in the state where you wish to repurchase.