By Terry Savage on May 29, 2015 | Housing / Real Estate

We bought our house at the top of the market, put 50000 into it by finishing the basement and adding a deck addition. Now 10 years later the market value is finally at least at the point of the original purchase. If we sell….we walk away with no mortgage but also nothing for a down payment to buy another. There is no such thing as a purchase without something down….Right? Are we stuck? Our selling point is $650,000. We want to buy in the $550,000 range. Is there an option out there for our situation?
Thank you

Terry Says:  Unless you’re a vet, there are no “no money down” options any more.  And a lot of the financing you can get will depend on your income and credit score, which I’m assuming are ok at this point.  Consider yourselves lucky that you are “almost even.”  Can you afford to hang in there another couple of years and hope for higher home prices?

If you get out now, you’ll be stuck renting — and with rents rising you’ll have a tough time saving up for a down payment.  You don’t say your ages, your location, your cost of living in the home — that’s all part of the basic math that should enter into your decision, as well.



a personal
finance question