moving to Washignon

[rkraider]

My job is moving from California to Washington. I currently am upside down in my house in california, so selling is out of the question. I am looking to rent the california property and buy in Washington. What is the red tape that could mess this up? Is it possible for me to rent in california and buy in Washington? would i need money down? if so how much? Any other options avail? please help.

[rkraider]

Here is other info.

The california house is only in my name (i bought when i was single). Can my wife purchase the second house?

can 20% down on the second home help with skipping past the negative equity in the first?

[jq26]

You will have a very tough time buying a second home in your name while trying to keep a home that is underwater. I tried this last year (and I had 20% equity!) and I was told that most lenders wanted 25-30% equity in property #1 before they'll fund property #2 due to buy and bail rules.

If you can qualify for a home in your wife's name only, then you may want to go that route, particularly if you have 20% down. Rates are FANTASTIC right now if you have 20% down a decent credit. Take advanatge if you can.

I'm in a separate property state, so you'll have to check with lenders to see what the impact is of having the underwater property residing in a community property state. There may be implications. Call up BoA mortgage and explain your situation. They'll give you a rough idea of their willing to lend in this situation.

[2ndTimeAround]

My job is moving from California to Washington. I currently am upside down in my house in california, so selling is out of the question. I am looking to rent the california property and buy in Washington. What is the red tape that could mess this up? Is it possible for me to rent in California and buy in Washington? would i need money down? if so how much? Any other options avail? please help.

Your coming over to the left side of the county, where around Washington are you going to be staying?

20+ years ago I lived in Columbia MA which is located at a Westerly halfway between DC and Baltimore. Smaller towns like Laural MA, house were lower prices than houses closer to DC.

Here on the east coast, towns are not a spread out as homes on the west coast. Also be advised 5:00pm traffic is similar to rush hour traffic in Los Angles CA.

Your options with your home in CA - there are plenty of companies that can do a PMR to lower your loan amount. That way you can rent it out and have positive income. Your other option is for a deed in lieu to walk away from the property.

Since you are going to be new to the area and do not have relatives, start out in an apartment. Start looking on the internet.

Good Luck - driving across country is a serious road trip....:mrgreen:

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Edited August 17, 2010 by 2ndTimeAround