Asked by Fallbrook Refugee, 92028 • Thu Oct 21, 2010
We purchased our home in 2005 and have lost 200k in value. The location of our current home is no longer convinient for us and we have also outgrown our home (we now have two kids). In the current market we can afford a lot more home (we are also better off financially than we were in 2005). I was told by a mortgage broker that it makes more sense of us to rent out our current home instead of selling. The problem is, we have to prove that we can afford both mortages without the rental income until we have two years of rental history. This means we can't really "move up". Does it make sense for us to rent out our current home and move in to a rental house for two years until we have the necessary rental history? I thought about "rent to own" but was told it is a bad idea.
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