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We are short-selling my husband's townhome. Together we bring in $6k each month but we haven't been able to save because of how much the townhome costs each month. I have an acre of land that we hope to build on in the next 2-5 years and I do have a $27k mortgage on that, so technically I am not a first time buyer if that matters. Anyway, we need somewhere to live in the meantime of course and want to save up as much as we can.Ideally we would like to buy a really inexpensive fixer-upper home to live in and flip, we are looking for no more than $70k. Our monthly payments would be less than $500 which is more than half of what renting would be. We could either sell it when ready or use it as supplemental income as a rental.Realistically we can't pay more than $5k at closing. I know that's really really low, but if we were only paying a few hundred a month we could easily save $1000+ a month. We have the income and I have really good credit (he won't of course after the short sale).Does it sound even feasible, this situation? Are there any caveats I need to be aware of, for example sometimes you can't sell for 3 months (which isn't a concern of mine as it will be owner occupied). If there are other options available that I'm not aware of please let me know as well. Thank you for your help.
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I appreciate the advice on the short sale however the short sale has nothing to do with this situation except that we are paying a lot of money each month and are unable to save any due to that as well as some other debts my husband has incurred - so I am looking to live significantly below our means the next few years. The short sale is under his name and only his name, my name is not attached to it legally or financially. My husband will not be attached to any house we buy next, if we go that route.I am looking for information on FHA loans or other options for low down payments as I have never bought a house before and this market is nothing like anything I have seen (my mom is a realtor, since the early 90s).
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