There are many people, including those in Frisco Texas and the surrounding suburbs, who want to take advantage of the hot market and upsize their home. They bought back in 2007 and 2008 and find themselves either owing more than the house will sell for or after the costs of selling either they have to bring money to the table or walk away with a paltry amount of cash. There is still at least one way to make this work—leasing.
There is no need to sell your home. You can lease your home. While this will not always work, there are many advantages to this if you can make it work. The leasing market is almost as hot as the selling market here in Frisco. Finding homes for people to lease is almost as hard as finding them homes to buy. When you lease your home, the key is to get the security deposit and a signed lease. Once the money is in the bank and a signed lease in hand, the debt of your home may not be considered against you when you apply for a mortgage.
This may sound simple but of course there is more to this. The amount of your home payment should be at most 75% of what you are leasing your home. That means if your payment is $900 your lease price should be at least $1,200 per month. In addition, you will probably need 6 months of principal, interest, taxes and insurance (PITI) for your current home and possibly even for your new home. Yes that is a lot of money but it is workable for many people who want to move their family to a larger home and possibly a better school district.
This is not for everyone. However, if you want to find out more details you can find out how you can qualify by speaking with a good lender. If you are in the North Texas and especially the Frisco area, please feel free to contact me. I work with some great lenders who can assist you in finding a solution. Whether I can help you or one of my preferred lenders can assist, you will find out at least one thing when you do call, Your Success is My Focus.