[DK615617]

We might be moving to a new house..........
Although we are so so so torn on what to do.
The house we are in was built in 1980. ....and although we love it, it has some things about it that we would love to change
-tiny kitchen
-tiny family room
-fireplace takes up the whole wall in the family room making positioning of couch and tv very tricky (Oh the important things in life)
- low ceilings
- old air ducts....who knows what is growing in there.
-old bathrooms
I could go on.
But the yard is awesome.... 2.5 acres with a 15 x 30 pool...completely fenced in.
We found a house we love.....love love love. It is big, and a really really good deal. It needs a few things (appliances) but it is brand new.
High ceilings, the right amount of rooms, the perfect home.
Except no pool. It would be at least 3 to 5 years before we could put one in too. But, the mortgage would be about $1000 less then the one we are in now.
We would rent out this one we are in till it sells.
The only thing is we need a down payment......and a BIG one.
I have no family with any money what so ever....so I can't ask any of them for a loan.
I know there are several people I could ask that have tons of money and would be able to finance a loan.......but boy do I feel weird asking.
But, I guess it is what I have to do.
Any suggestions????

[DivasMomma]

want to rent your other house out to us then you can come use the pool whenever you want

hehe

i would so move there in a heartbeat

[bkallens]

You might want to check with a mortgage company first, most of the time they have rules about the down payment - they check to make sure it's actually your money and NOT a loan. They don't want anyone else having claim to the property, if that makes sense?

[KR258]

Originally Posted by DivasMomma

want to rent your other house out to us then you can come use the pool whenever you want

hehe

i would so move there in a heartbeat

Totally thought the same thing but I doubt we could afford it.........and it doesn't help with a down payment.

Good Luck!!!!!!!!!

[jkl123]

Yeah, be careful about the loan part...most banks will wan to trackwhere that money came from, and if it is not yours, they won;t usually approve. Sometimes, you can get around that if you borrow from a family member and claim it as "inheritance". GL!!

PS Be careful about taking on too much in this market... it could be YEARS before your house will sell (unless you want to take a loss), and in the meantime, you have to deal with tentants, who may or may not pay you, and then you may be stuck with TWO mortgages.

[mommy2067]

No really good advice here....hope that you are able to come up with a workable solution...the house sounds great...You could alway buy one of those inflatable above ground pools until such time as you can put one in.... Sounds like you have a great opportunity in front of you...will keep my fingers X-ed that it will all work out Kasia!!!

[LovingJesusinAZ]

My DH lived in our house for 11 years before we moved this summer so he had quite a bit of equity built up (even after the market crashed here in AZ) so we refinanced that house, taking out the money for the down payment on our new house as a HELOC.

I don't advise this for the weak of heart since we are paying two mortgages and are trying to decide if we want to rent it out or not (it's been on the market, vacant, since June). In fact, I'd actually wanted to sell our old house before we bought the new one, but oh well . . . what's done is done.

It's an option, but like I said, not one I'd necessarily advise--it's just what we did. Also, I know banks are getting extremely tight with credit in light of everything that's happened in the last couple of weeks so it might be difficult to swing in the first place.

(DH has a very good paying job and has a credit score over 800 and he still had problems getting a bank to approve all the mortgages we have right now--and that was a few months ago)

[DivasMomma]

man i wanna move to AZ too....if you want to rent hehe

[2girls]

I hope you can get something figured out.
Heck, if I could, I'd move down there too!

[LovingJesusinAZ]

Originally Posted by DivasMomma

man i wanna move to AZ too....if you want to rent hehe

Since the house still hasn't sold and we've lowered the price below the area comps, we're definitely considering renting if you're interested

It gets hot in the summer, but there's no snow to shovel Our new place has a pool so you and the girls are more than welcome to come swimming here, so then the summer isn't so bad