Is this even possible. - Zillow Real Estate Advice

If you could find a time machine to go back to 2003 or 2005, you could probably achieve your goal.?? However, now in 2012 or 2013, it isn't going to happen.

The purchase loan is secured by the value of the property, so can't be higher than the appraisal of the property (minus required down payment).? You will have to deal with both properties individually.

Some options:?? are you currently renting the Florida property so you have a history of rental income on your taxes???

With a property under water and without a history of rental income, you'll need to plan on a down payment of approx 20% or demonstration that you have reserves in saving to cover both mortgages for at least six months.

The worst case - sell the Florida property, take a few years to recover from the impact on your credit scores etc while renting, then purchase again.??? With your current incomes, your savings account is awfully lean.? You do have a lot of opportunity to make choices about saving to realize your dreams.

Source: http://www.zillow.com/advice-thread/Is-this-even-possible/467232/

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