It will be 2 years since my discharge in March of 2012. I need to move ASAP. My TU score is 673 and EQ is 676. FICO model indicates that it will be in 700s if I continue to pay on time for the next six months. Houses in my area are selling slow so I want to put it up now and then move into an apartment if it sells before I am able to get a loan in March. However, I don't want to sell my home unless I'm certain I will get approved for a mortgage at the rate I need. Anyone have any advice on how I can determine this? I've used all the loan calculators and I qualify for the amount I need if I can get a 5% interest rate. I am also putting 13% down. Thanks for any help you can provide.
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If your within 6 months, you can surely start the process of getting another mortgage, and interviewing agents to list your home. Clearly you won't be moving or applying for the mortgage before then. But....and a big BUT, selling your home will be a bigger challenge than you think. If the market demands less than you owe, a short sale is a possibility. Houses are moving, but at a deeply discounted price, you will be competing with the foreclosures and short sales already on the market. You should interview some agents to get a feel for what you can sell your house for and then how long will it take.
You can use most online calculators, the ones on the bank websites prove a little more reasonable. Remember the FHA guidelines, as that will be one of your few choices.....2 years post discharge and clean credit since, should get you to the near going rate.....5%-6% seems accurate for now. -
So you think I should go ahead and list it or just talk to an agent? There's no need to talk to a lender until 2 years right? I owe less than the house is worth so short sale won't happen. Thank youOriginally posted by dspii View PostComment
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