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.

Does no one have any idea?

ttt

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

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.

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.

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