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Long story short - We are haivng to relocate for my new job.
The house we are selling, we are losing about 45,000.00 on. And its only a 120,000 home. Foreclosures and neighborhood changes, coupled with a market have cost us everything.
We are renting for a year but it is unlikely we will recover enough to have a decent downpayment. Not after losing this much money. Renting more than a year is not an option for us.
Are there mortgages avialble with little or no down payment?
How much of a house are you looking to purchase here? There are low down payment % loans out there but we'd need to know what you are looking for in terms of house price to understand what 5000 means in total purchase price.
FHA just requires 3.5% down on the sales price, and it's not just for first time homebuyers. There are also down payment assistance programs (city/regional/statewide) that will offer help with some/all of the down payment if your income fits within eligibility limits (typically need to be considered "low income" for your area). I see you are in the Charlotte, NC area - you should check out North Carolina Housing Finance Agency
VA mortgages offer 100% financing, but you need to be an eligible Veteran.
USDA mortgages also offer 100% financing but your income needs to be within eligibility limits and the property you are buying in an eligible area. USDA Income/Eligibility Website is the website to check income/property eligibility for USDA.
Renting is not an option because of the amount of rent I have to pay, and for other reasons (things I own, and needing a shop to owrk in etc) and people I refuse to live around. This thread is not about questioning me not renting.
150-185k in house. I make over 25 bucks an hour and will only have a car lease payment when my house in charlotte sells. ZERO other debt with a 780 ish credit score.
The problem is deadbeats and bums casuing foreclousres and miscreants that moved into my neighborhood. My house has plummeted in value, on top of 20K+ improvements we made. We are having to bring money to the table to get out. Our savings is gone due to deadbeats and plummeting neighborhood values.
The problem is I have perfect credit and am not low income. Its the low income and crap credit people who have cost me my life's investment in my current home. And now I cannot buy a new home becasue I have no down payment. (the last of my savings are going to have to be used to avoid having to "short sell" my home since it will not sell for what we owe the bank after 8 years of ownership and perfect payment). $1200 rent plus 840 payment on my current home plus car payments, etc, will also prevent me from saving for a down payment within a year.
I actually PAY my bills and have a proven track record of doing so. You'd think it wouldnt be too hard to get a mortgage with out a large down payment, without having to stoop to some sort of "assistance" loan.
I have carried $10,000 in my savings account and paid off every bill I owe, except my car lease and mortgage despite being laid off and working whatever job comes my way for the last year. That savings is now gone, and this is the reward I get for being responsible. I now have to look at 'assistance loans" to own my own home? Relocating for my new job seems to be bankrupting me. All because I paid my bills and didnt rely on others.
Have you looked into doing a short sale? No need for you to be late on the payment, I'd bring up the fact that you are being relocated for work and see if the bank will work with you. You may have to meet them halfway, but they still might knock off a portion of the principal you owe. It's worth at least checking out.
#1 - people who short sale aren't always deadbeats. There are many situations which people need to sell their home and if they are underwater, they have no choice but to short sale.
#2 - short sale doesn't always damage your credit, it will almost always put the note of "Paid for less than the full amount" on the mortgage trade line, but that in itself doesn't ruin credit. I've seen many people who have short sold with the comments on their credit, still maintaining scores in the upper 700's.
End of my comments trying to help you out with different solutions though, you are too negative for me.
Borsig is right. A short sale will not only damage his credit it will knock him out of qualifying for a new mortgage in a year.
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