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I hope you can answer my question.
I bought a Townhome in Colorado Springs in 2008 through CHFA first time homebuyer program. I would like to sell this townhome and buy a new home however like many I am upside down in my Home I owe about 120k and its worth maybe 90k. Since then my work has taken me to Castle Rock and I have rented out the townhome with CHFA's permission. I have had tenents in the townhome since April of this year.
I am currently renting a another townhome because I was under the assumption i could not buy another home until the first one sold.
I have looked into refinancing since my current rate is 5.875% and been shot down because it is not worth what I owe and I can't sell it for the same reason. I do not qualify for Harp because my mortgage is through CHFA and not Freddie or Fanny.
I would really like to buy a larger home for my family(we are expecting) in the Castle Rock area and take advantage of the great rates and prices but I don't know how to go about it.
My question is, is there anyway I can buy another home with little down money 3-5%.
I make roughly 52k a year and my wife makes 12k.
We have one car payment 460 a month and no other debt besides the townhome.
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