Updated over 2 years ago on . Most recent reply
Can’t afford home what option should I take
Seeking advice as new home buyer. I have been in my house now for a year and am having trouble affording the mortgage due to Tax increase. I bought the house at the high of the Market with a low interest of 3.8% FHA. I have now realized that this may have been a mistake and it is difficult for me to save. I have a few thoughts of options to help my situation but not sure which one would be the best option.
Option 1: sell home but at a possible loss as my home is not appraising at purchase price with market. Appraising at 40k less than what is was purchased at. Would be roughly 20k loss
Option 2: sell as an assumable loan and have someone take over the mortgage in the chance that they would pay higher price to gain lower interest rate
Option 3: rent out the house, but this would not cover the full mortgage. It would rent for 1k less than mortgage.
Option 4: find a renter and stay living in house until a more opportune time to sell
Most Popular Reply
House hack it!! Lease out any space rooms you have - if you have the ability to do a STR in those rooms that would also be a great option!