will list my home in mid-November in Orlando fl area, with the plan to re locate to Harper's Ferry, Charlestown, Martinsburg area. I am If my
home doe not have activiity or can not sell without paying money to cover what is owed, then will rent it out. If I want to buy in WV, how do I do this if I have a current mortgage? My credit is pretty good, not a lot of debt, no bankrupcies. Will I have to have 20% down to get a mortgage in WV? How does FHA work for financing? We would like to get the most bang for our buck. We want to live rural, but have access to job markets. Any advice welcome. MaHy only have about 25,000 for down payment and closing if we do not make a profit in Florida. Help!
Hello Kitty,
You need 20% down if you are doing conventional loan and 3.5% down if you are doing FHA loan. You will need additional 3% for closing and depending what you are offering in most cases you can ask the seller to help you with the closing cost. Getting loan of course you have to have income to show and if you are looking for job/s, what type job that you are in the market for. There are some job available in the area or you can also commute to Hagerstown, Frederick, Maryland, Winchester, Virginia or even DC.
Ms. Bessmer,
Your questions are common in today's market. The first thing I would suggest in your situation is to talk to a lender. Unfortunately, in today's world no situation is "cut and dry". Each opportunity depends on each individual person and situation. If you have money to put down, good credit and proof that your home is rented, you may be able to qualify for a loan on your new home. Once you have all the lender's details, a REALTOR will be to assist you more accurately on your home in WV. Feel free to contact me with any additional questions. I wish you best on your future move!
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