don't know if we should try

[Anonymous]

We've got 150K year income, fico's in 660 range and up.  Only issues on reports is usage percent and a string of lates on one acct that is because they didn't take money out and then kept not applying it...anyway...current debt is 225K (current home, cc, truck).

Been renting for 18 months and really want to get into another house of our own (had to move and trying to sell old one, renting it out right now).  Houses interested in are $200K and under.

Are we just completely hosed until we get the first house sold?  We're paying $800 in rent right now and that just makes me crazy.

[rockymtngrl]

Your first obstacle will be the rental house. I am not sure of exact numbers but you would have to show a history as a landlord for a couple of years in order to count the rent paid to you as income. So you would have to be able to qualify with your income to pay both mortgages. The other biggie is in order to buy a second house you would need to have a good bit of eqiuty in the first house. Its something like 20-30%. The reason they do that is they want to try to make sure you are not going to buy a second home and walk away from the first. I'm guessing you don't have that much equity or you would have taken a loss and already sold the house.

If you do have the income and equity then post what your monthly debt payments are and when was your string of lates and we can see where you stand.

[Anonymous]

When we listed the house 18 months ago, realtors appraised for just over $300K.  We listed at $279K, hoping to get fast sale.  Right now at $239K.  Owe $205K.  There are several houses for sale in the neighborhood...we were permanent residents in a retirement/vacation type town...so a lot of people are trying to get rid of second homes.   New construction on a comp house would be around the $300K mark.  House built in 2007.   We'll take a loss, just don't want to have to write a check at closing.

Only have a year of rental income that, but is verifiable.

[Anonymous]

Here's the rough numbers on monthlies:

first house $1576

truck         $332

CC pmts    $500

Rent here   $800 (this goes away if we buy a home)

Just normal utilities, etc.

That help any??