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Old 05-23-2007, 01:05 PM
 
Location: Florida
83 posts, read 349,649 times
Reputation: 24

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Has anyone had any experience with this? I bought my house using a VA fixed rate loan and about 2-3 months later refinanced with a VA streamline loan that lowered my interest rate 1.0 and put some money into my pocket and now that we are having our first child, we want to move back home next year.
The closing costs on the refinance has my loan 10K more then what the house is worth and according to Zillow I am about 15-20K off with the depreciation in the area lately...My house is nice, not just because it's my house, but most people think I should no have trouble selling it but the difference in what I can sell it for and what I owe on the loan is what has me worried. When I sell next year I will have owned my home for 2 years.
VA sent me a packet for a short sale...and I have researched how it works, but it seems to only work if you are in foreclosure. We can pay the mortgage, no problem. We just want to move for a few reasons, mostly to be home with family and our baby, and it seems my allergies have went crazy since I have been here?!?

I have been told that my interest rate at 5.5 may be low enough that if I sell next year and the rates go up enough I can sell my interest rate to another Veteran with a VA loan and it may help with the difference.....

In the mean time I am doing two things, scraping up money to throw at the principal and try and pay it down, and making sure my house is the best on the market...
Any information/advice would be much appreciated...I worry to much about these things, hopefully the market will atleast stand still for a while...
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Old 05-23-2007, 01:37 PM
 
14,649 posts, read 29,692,844 times
Reputation: 17216
First of all, check to see if your VA loan is assumable. Back in 1999 we assumed a VA loan on the home we are in, and we are not Veterans, but we did have to qualify credit-wise. This alone may help you a lot. Second, forget what Zillow has to say, those "zestimates" are a bunch of baloney, I would get comps from a realtor or just check the tax records for your neighborhood.

Good luck!
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Old 05-23-2007, 01:48 PM
 
Location: Florida
83 posts, read 349,649 times
Reputation: 24
Thanks for the information, I only thought other VA users could assume VA loans. That helps alot.
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Old 05-30-2007, 08:24 PM
 
Location: Virginia Beach, VA
2,124 posts, read 7,778,029 times
Reputation: 811
Mattvj5, you are doing the right thing weighing your options early, and getting ready for your possible sale. I agree with the other poster that zillow is typically OFF. sometimes too high and sometimes too low and just never know!! I would not base anything off that. Your best bet is to go ahead and start a relationship with a realtor. Ask them to do a market review for you and give you a fair idea of what you could sell your home for now. And also ask for any advice. If an agent does this, they will want you to stay in contact with them and use them.... but it may take some of the guessing out of this for you.

Shelly
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