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Can I buy a house if I own an affordable housing unit in nj?

I bought a condo a year ago, it's an affordable moderate income unit. My income is much better now, and I want to buy a house at the regular market price. I know that I can't sell my condo for two more years, but I don't know if I can buy another house.

Public Comments

1. It might be easier than you think. A lot depends on what you can rent the condo for. I've done it several times. A mortgage company can run specific numbers for you to see if it will work. Most lenders will count about 80% of the rent you get as income (to allow for vacancies). So, if you rent the condo out for $1,000/month they count it as $800/month income and, if your condo payment is $750 a month, you'll actually show $50 a month profit which they'll add to your other income. Of course, if your payment is $850/month they'll count it as $50 expense which they'll deduct from your other income. Hopefully, this will give you enough information to do some calculations for yourself. Good luck.
2. You need to to do a couple of things: 1. Read over the affordable housing rules and regulations for your development and/or town, 2. Get in touch with the housing office of the town. This is very important because it is likely that you are not allowed to rent out your aflfordable unit (the units in my town are required to be owner-occupied.) Sometimes there is a clause in the regulations that allows for rental in extenuating circumstances (i.e. like if your job temporarily relocates.) I'm not sure why you would have to wait for two more years. Usually, the town maintains a waitlist of buyers for affordable housing, so you should have a buyer lined up. If you have enough income and capital to buy another house without selling your condo, that is a wonderful situation to be in! However, you would still have the condo with it's mortgage, etc. and not live in it (and might not be able to rent it.) Good luck!