Asked by bluvector, Ann Arbor, MI • Wed Jun 20, 2012
My wife and I currently live in Augusta township, and have a goal to move to west Ann Arbor by the time our son will start school in 2 years and to significantly reduce my wife's commute.
Naturally, we have been keeping an eye out for properties for a year or so with intentions to become familiar with the prices in our target area. As with anything, most homes for sale are a compromise.(price or amenities) That is, until last week.
Total Income: 185K (base salary) 12K
Current home just refinanced in Jan. 2012
-Owe 187K. Estimated sell price =170K
Current home mortgage/taxes/insurance =1700 (15 year at 3.25%)
Cash: ~60K as of June 2012 (we save 3100-3900 per month)
Credit Scores: 780
No car loans, no credit card debt. Student Loans ~350/month
My first thought is to rent our current home and use as a long term investment.
I'd need a lender that would allow me to buy a 550K second home, but also do a 80/10/10 or similar loan. Creative suggestions?
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