The Motley Fool Discussion Boards
Personal Finances / Credit Cards and Consumer Debt
|Subject: Re: Duty Reassignment||Date: 2/2/2006 4:50 AM|
|Author: ApacheMech||Number: 220011 of 310986|
I found a place that was able to finance a 2nd mort. for 125% of the value of the house. I knew it was a stupid thing to do at the time, but I had no other options to make ends meet. It will work if I can pull some strings and stay at Colorado.
Renting for income is a distant thought right now. I am just trying to hold off selling the house until there is more equity in the loan. I have several houses in TX that are paid for that I can probably get a loan for to cover the 2nd mort. if I decide to sell the house.
The VA loan laws state that I can rent the house after paying on the loan for a year. I cannot, however, apply for another one if I find a house I would like to purchase in TX. That doesn't mean I can't buy a house with another loan-just doesn't have the VA Loan Guarantee on it.
I haven't had the house appraised for awhile and last time I did have it appraised, there weren't any houses near it. Now there are houses everwhere. I also did some work to the house to raise the value. I will have it appraised upon returning to check that possibility as well.
|Copyright 1996-2016 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|