Asked by Amber, San Diego, CA • Fri Apr 25, 2008
I am interested in purchasing a new home and wonder if you would be able to advise me on a problem I am running into. I currently have a condo and owe around 320,000 with an FHA loan. I have applied for permission to rent the condo in order to purchase a larger home and it was denied. It appears that my condo is worth considerably less than my loan amount. Currently I have quite a bit of funds remaining after my current mortgage each month and have been putting away these extra funds for 5 months. My main goal is to purchase a larger home. Do you think its worth paying for an appraisal to see how much I would need to pay down my current mortgage in order to refinance? Or should I hold on to the extra funds until there is a market change? Or are there any other ways you can suggest for me to get either into a larger home or on my way toward that goal? Thank you for your time.
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