Katy asked:


I heard that if you rent out rooms, you can qualify for a larger mortgage. I would like to purchase a 3 bedroom townhome for 199,900, but I only make $57,000 a year, which I don’t think is enough to qualify ( I haven’t talked to a mortgage place yet). If I rent out two of the rooms, do I qualify for more?

Thank you.

Charlie

Maria F asked:


Due to relocation, I’m left with home mortgage and currently renting in new area. No one buying my old house, loan amount is more than value of my home. Paying for 2 homes is too much. What are my choices to unload old home? If I foreclose or short sale, how would that affect my credit and would I be able to take another home loan? How soon?What is the most important thing I need to know? Who do I approach?

Katherine