If you sell the house short PRIOR to buying a new home you will not get a mortgage on the new home.
If you sell the house after you buy a new home they CANNOT put a lien on your new house.
If you are currently in default on your current home you will not get a mortgager
Also you will need to show sufficient income to carry both mortgage payments taxes and insurance plus your other debtsYou cannot include rental income on the home you are currently living in without having 25% equity in it. That is for both FHA and conventional mortgages.
Maybe you should give me a call to discuss.
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
It will be really helpful to shop around for a mortgage broker that can explore your financing status and give you a pre approval letter for the amount that you can easily afford. Generally speaking, after you short sale your primary residence, you will have to wait three years before you can be able to buy another property.
Best of Luck,
Re/Max Real Estate - Bethlehem Office
Associate Broker, ABR, SRES
Keller Williams Real Estate
I would be happy to assist you in any further questions you may have. I am SFR (short sale foreclosure resource) certified and have experience with sellers in short sale situations. Call me directly at 610-317-1465, I look forward to speaking with you.