well, what we were hoping to do is rent our current place and buy another cheaper place, however, after crunching all the numbers, we aren't going to come out too much ahead, we found a renter, we will still be paying 300/month for this property, then the new property.
Disappointing, we really need to get out of this house, the payments are killing us, but as with everyone else, our house is depreciating and we can't even break even, a short sale isn't making much sense since we have an 80/20, and the real estate agent tells us we need to put another 10K into this house to be really competitive, which is crazy, if I had an extra 10K, i wouldn't need to sell!
but at least we know we are approved for the VA, we just need to keep weighing our options, the VA told us if we did have a foreclosure, it would be about 3 years to get approved again as long as our credit was good, does that sound right? We have also been looking at bankruptcy, but really, really trying to avoid all that.
I will have to keep a look on here for the Va rates, I didn't realize it was cheaper on here, and definitely try to get seller to pay closing costs. thanks for those tips!
Reference Link: http://vastreamlinemortgage.net/