SO tired of renting!

[Anonymous]

We have a house that STILL hasn't sold (in almost two years...yes, we've dropped price..its a resort/retirement area and there are eight other houses for sale in the subdivision, all more expensive than ours).  Have renters, but still have house on market to sell.

Renting ourselves currently, but getting really, REALLY tired of it.

Have TU 670 as of last month and EFax 662 as of today.  About 22K in revolving, $200K mort on old house, and truck with about $13 K left on it.

Income of  $160K  Had several lates about two years ago when had to move for job.  Rent is $800 month. Get $1K month in rent from renters.

Have between $8K and $35K could use towards down payment.

Any chance of getting a loan to get a house HERE instead of renting this pit that we're in???

[Lel]

How much is the monthly payment on your current house?  What are the monthly payments on your truck and your credit cards?  How long have you been collecting rent on your home, and has it continuously leased for the last year or so?  What is the price range of homes that you are interested in purchasing?

There are probably going to be issues with the fact that the home you wish to buy could be considered a second home.  But since you're not living in your current home, maybe your new mortgage would be seen differently.  One of the resident loan officers will hopefully be able to provide some insight on this.

[Anonymous]

Current house pmt, including tax and ins, is $1400, truck is $323, cc's total about $1300.  Not incurring new debt on them, just paying off. 

House leased for all of 09 and have lease for all of 10 .  We're looking at anywhere from $125K to $225K, depending on how much land comes with the house (we're rural and they think more of cow barns than bedrooms)

[ShanetheMortgageMan]

You should be fine on a $225k home with 10% down, even without including the rent you are getting.  Debt ratios would be approximately 13% for the housing payment and 36% overall... and that shouldn't have any trouble getting approved.