What about it?
If you are a veteran you can get a VA loan with zero percent down. Also If you live in Ma you could do a MA housing loan for 3percent down. Call a local bank or mortgage broker and see what is available.
The home could be in great shape even though it qualifies for Home Path. Home path also allows you to put down less money and has other advantages over most other programs for people little money down. As stated above you do not have to use it and it may not be the best option if you are putting a large down payment down.
Watch rates carefully ,hopefully they will dip back down. I think you may have missed the boat for the time being. I would reccomend you contact David Kay MSA mortgage and talk to him about your options.
If you just want to know for your own sake then a good local agent can do a market analysis for you. Most including myself do not charge for this service. If you need to know for a divorce, estate ect hire an appraiser. call or email me and i will give you a couple of great ones to contact. [Phone removed by Zillow moderator. Please see our Good Neighbnor Policy.]
A short sale as mentioned seems like the best option but I would also ask a local agent what your home could be rented for. You maybe able to rent it until the home appreciates. Good Luck!
Contact a local agent who is experienced in your town. They can give you a much better idea of value. I would be happy to help you , for free of course. 978-998-9600
As an agent I love cash buyers. I recommend you contact one the agents below. They will not refuse your business they clearly want it.
If the loan was a portfolio loan with a local bank you could possibly by sooner than 2 years. But typically as stated below 2 to 3 years for FHA or VA and about 7 for conventional.
If you enjoy living in the home and can afford the payments I would stay put markets always go up and down. If you can not afford the home I would contact a local agent about a possible short sale.