I bought a place in 2021 with my husband. We were dual income at the time and making almost 200k. About a year later, he was laid off and since then has pivoted into another industry making far less.
I’ve been able to pay all our bills and keep things relatively stable on my own - but I am beginning to feel frustrated that I can’t really save and floated the idea of selling this home and down sizing to something more suited to our income now.
However, this house was the first and only real estate purchase I had ever made and since his layoff - our savings has basically been depleted.
Does anyone know if it’s even possible to qualify for a less expensive mortgage if I sell this house if I have no savings? I feel a bit trapped and could use advice. I do have equity in the house (probably 100-250k).
Thanks! Please be kind - I’m still new to personal finance and trying to get everything right.
Edit: for additional context - current home was bought for 500k in an extremely popular tourist town. It’s a commercial / residential property. Between the mortgage and the utilities it floats around 4-5k a month.
Condos and townhomes we are looking at range from 250-350k with around $250 in HOA/month. Area we intend to move to is generally less costly because of access. We are really looking to do a huge downsize in lifestyle and home.
edit: should also add I have a co-signer on the loan who wants off and I would need to try and assume the mortgage or refinance to do so.
Edit again: I am not sure if people are reading these but I thought I’d state it again - I will likely have to refinance this house unless the lender lets me assume the loan. My co-signer wants off the mortgage ASAP
original posted by [deleted] to r/personalfinance on Sun, 14 Apr 2024 17:41:24 GMT.