Financing in New Richmond>Question Details

Sfaughn78, Other/Just Looking in New Richmond, WI

I have a townhome that's morgage is way more than the townhome is worth. Is there anyway to purchase a second home, and then rent out my?

Asked by Sfaughn78, New Richmond, WI Sat Jul 24, 2010

townhome? I am a single mother with 3 disabled children. I work full-time and make pretty decent $. My credit score is good. We need more room and a home we can have a intex pool set up in the summer, for my children's health, as they cannot do most activities other children can do. Our townhome association refuses to let us have a small pool, even know medical doctors say it would be beneficial to their overall health and well-being. The association lets other homeowners do acts prohibited by their declaration, but is not willing to let me budge just a little. The declaration doesn't mention anything about restrictions on temporary pools. I would sell my TH and buy another home if I could.

Help the community by answering this question:


The value of my home is going off the townhomes on both sides of me, that were just bought. One went for $89,000(foreclosure) and the other $80,000(short sale). I owe just under $160,000 and am barely able to keep up with mounting medical debt. I also just got an new appraisal from the city for taxes stating my home is at $100,000. My mortgage co. refuses to modify my mortgage because I am current on my payments.
0 votes Thank Flag Link Wed Aug 4, 2010
Without a 2 year history as a landlord, this will be tough. Fannie Mae and Freddie Mac have recently tightened up their guidelines to require this on all borrowers to use rental income for qualification.
Web Reference:
0 votes Thank Flag Link Mon Jul 26, 2010
Check with a lender to see if you'd qualify for another mortgage and for how much. Explain that you'll want to convert your primary residence to a rental and when you find a renter, the signed lease will be considered in your loan approval.

Stacy Carter
Associate Broker
Better Homes & Gardens Real Estate Metro Brokers
0 votes Thank Flag Link Sat Jul 24, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer