PCS

Here is an option for you, contact a local rental agency and have them rent it out for you and when an offer comes your way sell it or keep it as an investment property.

Unfortunately, lenders have changed the guidelines for departure residence. Unless you can sell the property you are going to have a tough time qualifying for a new mortgage. The main reason is the lender is unlikely able to use the rental income to offset the mortgage unless you have a 2 year proven rental history illustrated on your 09, 10 tax returns. Knowing that this will be an investment property the cost to refinance would be higher (1.75% to 3% depending on the loan to value) than if this was to continue being your primary residence. Not to be a pessimist, but you may be better off renting your next home as home prices are forecasted to decline through the second quarter of next year. I hope you find this information helpful. Please feel free to contact me at your convenience to discuss your scenario in greater detail. I look forward to speaking with you shortly. Adam Webb, Mortgage Consultant, NMLS Unique Identifier #196458, First Charleston Mortgage, L.L.C., Toll Free (800) 968-3987, Cell: (843) 532-2860, Email: adam.webb@firstcharleston.com

Kenneth, if you have the house rented you may be able to qualify for another VA loan and include the rental income. I was able to do that for another customer who relocated to Charleston from San Diego. It will depend on the total strength of your application and whether you have any VA entitlement still available to you. If you like, I would be glad to look into it for you. 843.343.6383 or phil.d@southerntrust.com