Moving back to Alice AreaI am currently in the NAVY and will be moving back to the Alice area. I have a wife and two kids and just need some advice on how to approach the process of finding a place to live in the
I do not see why it would not be possible if you can qualify for a conventional refinance you would be better off anyway as you would get rid of your MI on the home you are trying to sell. In reality it really makes sense to reduce your asking price on the home you are trying to sell. For it to be on the market for a year it has to be overpriced. Also if you cannot lower the price enough to sell it because you owe too much you will also not be able to refinance because the home will most likely not apprise for enough to do your loan and you may need to bring money to closing... which essentially negates your objective.
If you can buy the HUD home and go conventional that is probably your best bet. If you do not have enough for a down payment and currently have one home you cannot sell it also may not be a good idea to buy a house right now until the other home is sold. Take a good luck at your finances so you do not get in over your head... you could end up with 2 foreclosures on your credit.
Obviously I do not know all of your details so these are just some observations I am making from the information you have provided. I am a mortgage broker and a REALTOR so if you would like to talk about this in further detail please feel free to contact me.... more
Jacob it is up to the lender that you select. In my area there is a lender that do a refi for 250.00 plus recording fees -- about another 180.00 so the total would run about 430.00. Look for lenders in your area that do a low closing cost refi. Not all Realtors® stay on top of refi costs as most of our work in in purchase money but you may want to call a couple of Realtors® for a lender referral.... more