I currently own a home that I could sell, but only to break even. I am considering renting my current house

Asked by J K, Atlanta, GA Sat Aug 9, 2008

out, and securing a mortgage to buy where I need to be. I do not want to make a down payment. My credit is excellent, and income approaches $300k / yr. Any thoughts? How diffcult would it be for me to find a loan product to fit my needs?

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Bee Nguyen, , Atlanta, GA
Mon Aug 11, 2008
It will be difficult to get financing without a down payment. Although FHA down payment assistance program still exists, this program is about to end and FHA loans only finance up to about 340K. Even with excellent credit, you will still have to put down 5-10% on a conventional loan depending on the area (if declared a declining area, you will be required to put down 10%). I would opt against selling the property...hang out to until the market turns around. If your income approaches 300/yr, you should be able to have a down payment...also, based on your income, your financing will probably be a jumbo loan, which has different requirements on down payment. If you are still interested in proceeding despite having to put down money, contact Shannon Bagshaw with Chase: shannon.l.bagshaw@chase.com. She can help answer some of your questions.
Web Reference:  http://www.leaveittobee.com
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Prissy Dixon, , Hiram, GA
Sat Aug 9, 2008
Depending on the price of home you are looking for FHA could be the answer, but only if it closes by the end of September. The lending industry is changing daily it seems, so your best bet is to talk to a mortgage professional. I have a great guy I work with regularly and he would be happy to talk with you about your situation and let you know what your options are. If you would like his info just contact me.

Prissy Dixon
Dixon Real Estate Group
Metro Brokers/GMAC
404-408-4941
Web Reference:  http://www.dialthedixons.com
0 votes
Dee Anderson, Both Buyer And Seller, South Carolina
Sat Aug 9, 2008
What a wonderful position to be in the Atlanta market at this time. Just consider with your current income, there are little to no tax breaks for taxpayers with income such as yours.
Web Reference:  http://irs.gov
0 votes
Aleta C. Sau…, Agent, Atlanta, GA
Sat Aug 9, 2008
Everyone would love to be in your shoes! Excellent credit, ability to lease your house AND still get another home. Job well done! Sellers will not be able to participate with your downpayment after October 1st and judging from your income you definitely will not be able to work with any downpayment assistance programs. (smile) It would be good to speak with your lender to find out your options. There are other alternatives.

Please call me if I can assist you.

Aleta C. Saunders
Marquis Brokers
678-849-6920
0 votes
Telmo Bermeo, Agent, Sandy Springs, GA
Sat Aug 9, 2008
I have a loan officer that can work with your situation, our office concentrates on renting hign end homes if we can be of any help to you, please let us know. Here is our website http://www.kstrealty.com
Web Reference:  http://www.kstrealty.com
0 votes
Voices Member, , Canton, GA
Sat Aug 9, 2008
J.K.

Sounds like your circumstance is everyone's dream. Excellent credit being the first. The ability to purchase a home and rent out your current home would be second. I would definitely advise to hold on to your current home, if you are able to secure a second one. The market is in your favor as a buyer. So you can wind up with equity on the new house while still generating income from the first home. Great job keeping your credit in check! Seems like credit means more than salary these days. :) Let me know if I can assist you further. I'd love to help! Valerie 770-262-8480
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