No. of Recommendations: 2
Not sure what you really want to know.

Obviously you have some health issues that is restricting what you can earn at this time. That will impact your ability to borrow.

If you want a lower price then the metro areas allows you either have to move further out or do a lot of work to find something under market. Most places under market are that way for a reason. Not all reasons mean the deal is bad. Just that it will be a special situation.

You might want to try renting for a period if you really need to move now and you can not find a place you want to buy. This would also work better if you really expect your situation to change so that you could be looking at a different price range later.

I am not sure why you need to move. Do you really need to sell the condo or could you rent it for enough to cover all the costs and vacancies? I am suggesting you think about this if you find that you want to rent in an area but still want to have a position in the local market. Condo's are not always the best investment, etc. Just that it could be better to continue to own something if the market is rising while you rent where you want to live. There is the hidden assumption that you could find the standard you want as a renter and that it would be easier to qualify for a rental given the present restrictions on your income.

Think outside the box and look at all the options.

Depending on what you health issue is and your time commitments could you take on a rehab project where you buy at a low price because the place needs work? You might even find an investor partner who has the cash to fund the project if you can honestly get the work done. Later you sell and move but end up with more cash from the profit split. If the numbers work you might be able to refinance and buy out the partner while staying in the home.

It is too difficult to suggest something specific without more info. The above is to get you and others reading this thinking about alternatives that might get you closer to a real solution.

John
Print the post  

Announcements

Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
Live Video Event Monday!
The GP team is hosting a live video event on Monday at 4 p.m. ET. Don't worry if you can't make it — we'll have a replay and a transcript. Click for more!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement