Posted on: 10th Jul, 2009 07:41 pm
My husband and I are in a unique situation. Our current home has been on the market for 6 months - no offers. Meanwhile, we need to relocate. We found a home, the seller accepted our offer, we have it under contract. We do not qualify for both mortgage payments due to insufficient income, so we agreed to live in and rent the new home until our current home sells. This is all in the contract, including the 1-year lease. We're starting to get cold feet about renting and are trying to figure out if we have any other options. We can afford both payments, but we are nervous about living in a house we don't OWN. Is it possible to get the new mortgage with a co-borrower (in-laws) to boost our income, while we still have the loan for the current home??
starfish, it is, typically, possible to have a non-occupant coborrower to assist you in a purchase - on an fha loan. if you have an fha loan now, though, you won't be able to get another, as they are intended strictly for owner-occupancy situations.
i get your rationale for owning a new home, but you may be a little more nervous than necessary. after all, millions of people live in houses they don't own (it's called "renting"). i know you know that, but give it some more thought.
obviously, if you can purchase with the help of a co-signer, it will be suit you and your needs.
i get your rationale for owning a new home, but you may be a little more nervous than necessary. after all, millions of people live in houses they don't own (it's called "renting"). i know you know that, but give it some more thought.
obviously, if you can purchase with the help of a co-signer, it will be suit you and your needs.