Can I rent my house and apply for a loan on a short sale?
Property valued at $290,000. If I can get it for $180,000 through $220,000. I have bad credit, my income is $52,000 tax free pension.
Answers | 2
Thanks for your question. There is nothing stopping you from doing either. However be advised that 1) There are specific guidelines for renting your home and being able to use that rental income towards your new purchase, 2) In general buyers need good credit these days to purchase a home but that is even more emphasized when it is short sale, and 3) Short sales can take a while to close.