Can I Get a Mortgage?

[jinx]

I am now buying a home in AZ. My mortgage is with Taylor, Bean & Whitaker. I have applied for and have been approved for a refi to lower my payments. I missed one payment last October, but have been on a repayment program.

 

Anyway, I am wanting to move to SC to be near family. Also, I found a home for $32,000 in SC and this one is $101,000. I feel that the lower priced home would be much more affordable for me. My question is: What do you think would be my chances of getting financed for that lower priced home if I were not able to sell my home(for what I owe) and walked away from it? I have a poor credit score and history as I let CC bills go to make my mortgage payments. I am on SS disability of $1029 monthly. I would appreciate any advice that can be offered. Thanks in advance.

[jinx]

Does no one have any idea?

[NAN101]

You might want to ask your question over in the mortgage forum.

[deemac]

honestly, with poor credit and an existing mortgage, I'd say your chances are slim and none.

 

You'd need to have decent credit and a down payment on the new house. I think that most large scale lenders don't work with loans that small, but maybe a credit union could help.

[Move4ward]

Even if you do qualify, there are few if any banks that will finance $0 downpayment loans anymore. If they do, you would need almost perfect credit.

 

You will need at at least 10% down($3200) plus closing costs. That's $5-7k cash at the closing table.

[jinx]

Thanks for the responses. I guess I already knew what the answer would be.