We owe more than our house is worth. Both full time employed, recently ended a consumer proposal..

What do you mean by a "consimer proposal"? As long as your qualifications are acceptable, you should be able to purchase a new home but you will need to qualify including the the mortgage payment on your current home (not including any potential rental income), plus you'll need whatever downpayment is required for the type mortgage you are getting - generally 3.5% for FHA or 5% for conventional financing. Good luck!

Your question is a bit vague... but you can always buy a new home if your credit, income, and debt fall into acceptable guidelines. If you have a current home that is underwater, and you can not sell it, most people turn it into a rental. Contact a local mortgage broker in your area. Give them a full application, and let them give you details on your exact situation.

HI - I'm a California lender, and I can tell you that you may have several options depending on your situation. Selling your house may be one option - if its truly worth less than you owe, you can ask your current lender for a short sale - meaning you'd be allowed to sell it for less than its worth, and the bank would not require you to make up the difference. As long as you make all payments until the house is sold, and otherwise have good credit, FHA will likely allow you to get a new loan on a new house. If you are keeping your current home, then renting it might make sense since other wise you'd have to qualify having two mortgages. Feel free to contact me to discuss your options. Marty Stern, HomeStreet Bank, 707-364-4115

What do you mean by consumer proposal?