Down payment assistance, Florida Bond, USDA, VA- so many loans that we advertise as no money down! I sell to a lot of single moms and first time homebuyers and these programs are great for them. However, I make sure my marketing and discussions provide a more realistic picture for a home buyer. Sure, the loans are 0% down payment, but please note that there are other costs you must be prepared to pay UP FRONT when buying a home:1) inspections- building, wdo, mold, septic, roof, etc....these can range from $95-$500 each. Be sure you talk with your agent about what inspections you are going to need and want.2) appraisal- in our area the appraisal must be paid for up front now and the average price is $450.3) earnest money deposit- most sellers want a buyer to show good faith by putting up some kind of earnest money when entering into contract. $500 might do it but $1000 is more common4) closing costs- often a buyer can ask a seller to contribute to their closing costs and this is negotiated as part of the deal. However, with the current market full of short sales and bank owned, if they do contribute the limit is usually 3% of the purchase price.BEFORE getting your hopes up....talk with an agent about what it will take. There are programs out there that allow very little out of pocket expense- I recently had a client close and he only spent $549- but you have to plan on investing some money!
Did you ever sell your home? Or find out a price. I would be happy to talk with you, but can tell you that in general the sales in Summerset have ranged from 46,000 to 119,000 in the last 6 months. And, you will probably have to get comps from outside the neighborhood since yours seems to be remodeled. How many square feet heated do you have, and how many beds/baths? garage?
One question: were you both on the note for the mortgage? It sounds like you were, since your post seems to indicate both of your credit scores went down. If only one of you was on it, the other might be able to purchase. So many people are in your situation, and it is so hard to not be able to settle in and make a home your own. Have you considered purchasing a home with seller financing or on a lease purchase? Your choices in homes are more limited, but if you like something it might be worth it. And, as Rudi stated, you will have to wait 3 years for any kind of conventional or government mortgage.
Believe it or not, house/property trading is not a new practice and it has actually become more popular in the last few years. I know that if you google the subject "trade your home" or "trade properties" you will find plenty of information. the website goswap.org is a great resource.I can not personally vouch for them, but I did have a client that used them and was extremely happy with the results! This client wanted to sell a home in FL but was upside down. He traded with someone in North Carolina (also upside down) and no one had to come up with lots of cash- so it worked for them.I am not an expert on trading at all, but do think there are pros/cons to trading vs. just selling/buying right out. I recommend looking at all your options and getting good legal and accounting advice- but you probably have considered that already.Good luck and if you do end up trading, drop me an email and share your experience!