Home Buying in Dallas>Question Details

Rob, Both Buyer and Seller in Buda, TX

I was a first time home buyer last year. Now I am being laid off/transfered what are my financing options?

Asked by Rob, Buda, TX Sun Dec 21, 2008

Obviously I wont qualify for a 1st time home buyer loan but my credit cards are fully paid and I should have $25,000 plus in equity from my current home (mortgage is current). My current rate is 6%.

Should I have any difficulty qualifying with today's market? I will be purchasing in the Dallas Fort-Worth Metro area.

Could I potentially lower my current interest rate by buying now?

Footnote: I declared bankruptcy 5 years ago (another layoff)

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Answers

4
Complicated.
When a person transfers and the new home is more than 35 miles closer than the old home, he can get a new loan. Whether you can qualify to carry it as a second home or must sell depends on how much income you make. Whether you qualify at all then depends on whether the new position is with the same company and/or the same profession at a new company.
Generally, a first time buyer qualifies for assistance, but there are other circumstances that would qualify a person to get assistance besides its being the first home. An interview is in order to establish if one of the other possible criteria can be met.

Lowering your rate would be about lowering the rate on your current loan? If so, no lenders will re-finance a loan for someone who is unemployed and they dislike re-financing when you are about to convert the property to a non-primary residence or a rental. However, if you mean could the new loan on the new house be financed at a lower rate than 6%, quite possibly. The bankruptcy plays a role in this determination. For example, if you have been discharged from bankruptcy by long enough. Your credit score is still important and will likely still be negatively affected by the bankruptcy.

Selling and buying appears, on the surface, to be the most reasonable scenario.

What you really need to do is discuss the matter with a loan officer to help you understand the alternatives before you bring a Realtor in to sell your current home.
Web Reference: http://www.Mortgages-TX.com
1 vote Thank Flag Link Mon Dec 22, 2008
I will remain employed with this company- going on 14 years, the company is downsizing in Austin. I would find it impossible to believe that I could not qualify for a house when I have a house that I am selling. Would I still qualify for an FHA? I used that as a first time home buyer?
0 votes Thank Flag Link Mon Dec 22, 2008
I am a Dallas real estate agent, and Dallas home loan mortgage officer. Would need to review your file if you can qualify for a home purchase, however lender will request for employment. A bk from 5 years ago would most likely have little impact on mortgage HOWEVER depends on many issues concerned.

We may want to work on a short term lease till you have employment, we work with clients for rentals.

972-699-9111
Lynn
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sun Dec 21, 2008
Not knowing your area's market conditions, I would talk to a local real estate agent. They can help you decide what would be the best option.You may qualify for a FHA loan. You can contact me if you need a agent, I belong to a large agent referral network and can find one in your area with a high rank in the network if you want.

Michelle Harris
0 votes Thank Flag Link Sun Dec 21, 2008
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