Buying/Selling/Renting a home?

Ok, so I have a few questions. I hope somebody [who actually knows what they%26#039;re talking about to some extent] can help me out.

I%26#039;m 20 and my husband is 23. We just bought out fist house about... four or five months ago... I love our house but, the problem is that I want to start an in-home child care business in the near future and though our house could handle it, I%26#039;d like to have more space.

I know the market is horrible right now and selling this house would be nearly impossible but, my mom and her boyfriend [luckily] are interested in it. The problem is that both of them have pretty bad credit and are a bit in debt. Is there any way they could get a loan? If not, is there another option for them to be able to get it? I%26#039;ve heard about... land loans?... or something and renting to own but, I know nothing about either. Do you know anything about it? Would they be able to do that? %26amp; if we did do something like that, would it affect my husband and I buying a new house?

Buying/Selling/Renting a home?

short answer...they need to apply for a loan. The other option for them to get in is to lease it from you with an option to buy. Yes, it does affect your ability to borrow so before you lease to them you need to talk to a lender and see how leasing your first home would affect your ability to borrow money for the next house. Good Luck!!!

Buying/Selling/Renting a home?

what a great question. Am a RE broker.

lending is based on a myriad of things, including debt to income ratio and credit history.

IF, therefore, you sell your house

CREATIVELY [and I am an advocate

of doing this]--you are still

100% responsible for the mortgage

until cash comes to you from any source to pay it off. I am guessing

therefore, that you would have a very difficult time obtaining two FHA

residential, insured loans, concurrently--[from what you

volunteered in your query]

having two at the same time.

Why not---do the odd thing and

sell your house via lease option

[thus keeping you legally responsible till it is paid off] and

lease -purchasing your next home!!!!

[if it works for them through you,

it can work for you to get what

you want!]

Land loans and the like are all great

creative ways of buying and selling

but do not RELEASE the pressure

on your credit ratio.

Here to help further if needed.

Buying/Selling/Renting a home?

Why don%26#039;t you start your business in this house first? If it takes off and you need more space, that gives the market time to improve, your mom and BF time to improve their credit and such.

If you do rent to own, the mortgage is still your responsibility, and unless you have sufficient income, you are not going to get a lender to give you another mortgage. But if you do get another mortgage, you are a landlord, if mom and BF don%26#039;t pay, your lender is still going to want their money.

Buying/Selling/Renting a home?

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