I bought a house 3 years ago through a mortgage company. It was a first-time homebuyers loan, and the only stipulation was that you couldn't sell your house for a profit for at least seven years.
Here's the problem: my wife and I would like to move and build a house. However, we only paid $50,000 for our house. We bought it from someone we knew that needed the money, quickly, so they sold it for cheap. Similar houses in the neighborhood are selling for around $65,000. I'd like to find a way to get out from under my current mortgage. I don't think I can just give my house away. We've probably put $5,000 into it since we bought it. What can I do?
2007-03-02 10:36:22 · 5 answers · asked by cardinalfanusa 3 in Business & Finance ➔ Renting & Real Estate
Did you get some type of loan for the purchase of your home from the county or city, so you did not have to come out of pocket for any money what so ever? I think the program is called down payment assistance.
The program you are speaking of indicates that you must pay back a portion of the money if you sell the house before a certain time and the longer you stay in the house the less you have to pay.
It appears as if yours indicate that you must stay in your house a total of seven years or more before you would not have to pay any of the first time home buyers money back.
Check you contract or loan docs you signed and see how much you have to pay back living in the house for the time you have lived there and sell it at this time.
You might consider renting the property to comply with the contract you signed.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-03-02 11:39:05 · answer #1 · answered by Skip 6 · 0⤊ 0⤋
Depends upon the program. Every single first time buyer program out there is different. Within the county where I work, there are at least a dozen from various cities - and one program administered by the county for some cities that don't have their own as well as for unincorporated area. The rules on all of these vary.
Now it looks like you probably bought into a restricted housing program, which typically don't have any exceptions. Death, Divorce, whatever it is, it doesn't matter. The city is trying to maintain a pool of housing for low income folks. Not only do you most often have a restricted sales price, you also usually have to sell to someone approved by the program. However, the only way to be certain is to talk to the program's administrators and ask.
2007-03-02 12:19:24 · answer #2 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
Here's what I would do. If the house is livable rent it out(be choosy about tenants) use the property as security on a new home loan. By having this rental it will change your income and possibly give you a boost in the loan approval department of a perspective lendor. Hopefully, both you and your wife have been employed at the same jobs for a few years and have stable documented income. I would also review your loan documents from your mortgage company and find out if there are other ways of selling or transfering your loan to another mortgage company. There are a lot of mortgage lendors out there that compete to get business. You can probably find one that will have competitive prices and interest rates.
2007-03-08 11:03:51 · answer #3 · answered by Bryan A 3 · 0⤊ 0⤋
why dont you just rent it out while you live in your new house. when the seven years are up you can sell it an it would be worth more money
2007-03-10 03:26:04 · answer #4 · answered by Anonymous · 0⤊ 0⤋
because you've been in no way married, he owes his credit (likely you chop up it in 1/2) again until eventually he continues to be the completed 36 months. He owes the credit again contained in the year he strikes out.
2016-12-05 04:09:02 · answer #5 · answered by ? 4 · 0⤊ 0⤋