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How to Rent Your Current Home and Buy a Bigger Home
How to Rent Your Current Home and Buy a Bigger HomeSo you are ready to buy a single family home in Virginia or Maryland, but you can't sell your current home...Here's what you can do. You can rent your current home in the DC Metro Area for positive cashflow (in many cases). Look at this chart provided by Peggy James of Exit Realty. Due to BRAC in this area the rental market is moving at a brisk pace.
How will renting your home affect your mortgage qualification?Simply stated, the monthly mortgage payment will be counted as a debt along with the "new" mortgage payment. Obviously this will not work for everyone. But if you are a homeowner looking to move up and your current residence is underwater or you would prefer to rent the home, contact your FHA and VA Lender for custom mortgage solutions. We provided flexible solutions to help you buy your dream home.Here's a quick example of a recent client scenario: Mr. and Mrs. Buyer purchased their townhouse in 2002 and have never been late on their current mortgage. They recognize the opportunity  to purchase their home in today's market with "discount" home prices and low mortgage rates. ... more

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