This has all come up quite quickly, and I'm looking for advice. I am posting this in the Short Sale forum, but in the FHA forum as well (unless otherwise told). I am new to the forum, and new to this entire process. I am looking for guidance.
I have an offer within my company to move to Phoenix, AZ. I have minimal savings outside of a 401k and retirement program, and have the following loans:
$160,000 balance FHA Loan - Bank of America (Original loan 172,000)
multiple student loans in repayment, car loan, and typical monthly fees (insurance, utilities).
Current value appx $110,000 - $120,000. I have never missed a payment or been late in the 4 years i've owned the property. I'm moving to Arizona. I know there isnt enough equity to consider renting as income towards a 2nd FHA loan based on my research. I'd prefer to buy a place in AZ around the $120k mark. I only would have enough cash on hand to make a down payment on an FHA (3.5%) mortgage.
There has to be people in the same position as me. Should I call a real estate lawyer? Short Sale Realtor (remember, I'm not behind on any payments)? Rent it out, and take the few hundred dollar loss per month? While renting in AZ? Can I qualify for an FHA while the other house is for sale?
ANY help would be appreciated.