Updated over 7 years ago on . Most recent reply
In search of advice when it comes to navigating mortgage options.
I was going to sell my house and use the proceeds to buy a new home and vehicle in my new town, but I have decided to rent it out, instead. I bought the place for cheap and gradually renovated it over the two years I lived there. It is now larger and much more structurally sound than when I purchased it, hence the low price.
My issue is that the home loan is an FHA loan, which must be repaid in full before being eligible for another one. I am a 26 year old CPA, so I'm not broke, but I'm definitely not just flush with cash right now. I desperately want to get into another nicer home in my new town, but I don't want to get killed by the upfront costs of a conventional loan. Does anyone have any advice on how to navigate this situation? Should I simply keep saving and bite the bullet when I have the capital?
Thank you in advance for any answers I may receive.