In October, my family moved out of our house to live with a relative, rent free, to help the relative. We rented out our house, initially at a loss, but now we'll be making twice the mortgage. Our living situation is not what we thought it would be and it is unacceptable, so we are looking to buy a new house and move there asap. The plan was to save up for a Dp to buy a new house, but the timeline is now moved up. When we originally talk to him, our broker told us that we could either buy immediately (not live with relative) and use projected rental income to offset our mortgage; or live with relative for a year and then use the year of rental income income to offset our mortgage. I've asked him if there's any way around this, but we're probably stuck.
We have funds available (retirement loan) to do a 5-8% downpayment. Considering asking other family members for a loan to get enough for 20% down.
Basically the whole move was a mistake, we don't want to sell our house because it's being rented for proft and has 10 years left on the mortgage. But really want to move out asap.
Any thoughts?
Submitted April 25, 2017 at 08:14AM by reo12312 http://ift.tt/2oGrFGC
