We Buy Houses In Kentucky. We also offer cash for houses in KY and can close quickly, making the selling process incredibly easy for homeowners. So you’ve found your dream home. There’s just one problem: You haven’t been able to sell your property yet. So what do you do? As local homebuyers in Kentucky, we hope to help you figure out how to move if your house hasn’t sold yet in Kentucky. So keep reading.
Moving can be tough when you are trying to buy and sell a home all at once. The FHA, Fanny Mae, and Freddie Mac all have rules about getting a second mortgage while you still own your home. If you want to secure an additional mortgage, you will have to clear a few hurdles.
How To Move If Your House Hasn’t Sold Yet In Kentucky
First Off, To Qualify For A Second Mortgage Through The FHA, You Must Meet Certain Qualifications In KY
You need to have a good reason if you’re looking to relocate right away, and not after your current house has sold. For example, moving because your family needs a larger space, you are separating from your spouse or for work purposes, or you are simply moving long distance. Also, you cannot owe more than 75% of the value of the first home. There are additional restrictions as well, do your homework before assuming you will qualify for an additional loan through the FHA.
Asking Family In Kentucky Can Be Another Route, So Long As You Put Everything In Writing
Agree to pay them back in full upon the sale of your first house. Whenever you borrow money from family, you want clear terms to be set and adhered to. If you think a family relationship could be damaged because of money, you might want to look for a different way to secure the financing you need.
A Bridge Loan Or Sometimes Called, A “Wrap” Loan Can Help Bridge The Gap While You Attempt To Cover Two KY House Payments
These types of loans will take both mortgage payments, and combine them into one interest-only payment. These are typically short-term loans, lasting 6 months to one year. Lenders have different requirements, but you must typically have great credit and be financing less than 80% of the value of both homes.
Talk To Your Boss Or Plan Administrator About Borrowing From Your 401K In Kentucky
Make sure you understand how the tax penalties will work, and pay yourself back after the sale of the original home. This may not be an option for everyone, but definitely, something to look into.
Try To Offer The Seller Of The Second KY Home, The Option To Rent It Back From You For A Few Months
Depending on their situation, they might love the idea of being able to stay in their home while they shop for a new one. If you are attempting to carry two mortgages, this is a great way to alleviate the cost.
Add In A Contingency In Your Offer Allowing You To Close On The New Home, Only After Your Home In Kentucky Has Sold
If your home is new to the market and priced well, it should sell right away. Present this to the owners of the second home, along with your offer. Ensure them that the closing won’t be delayed and that you agree to close in a certain amount of time.
Sell My House In Louisville KY
If you’re prepared to wait and can hire professionals to help, you can manage the sale of your property from a distance. In certain circumstances that risk can pay off. If you need to sell your house in KY now, then reach out to us! Cash Offer Kentucky will handle all of the details so you can move on with your life. We’re professional Kentucky home buyers. We’re honest and straightforward. We’ll quote you a fair price, and we can close fast with cash.