u/Better-Example-3609

Hello! I recently lost my job and we (my husband and I) are trying to move back to our home state. My husband still has a job but currently only brings in $40K as I was the main financial contributor prior to losing my job. I have a good cash reserve as of now, some liquid assets I can sell such as vehicles/atvs, a small chunk in my 401K, and anywhere from $35-$45K in home equity (rough estimate) as not sure exact value of my value once factoring in several home improvements since owning.

Is it even feasible to get approved for a new home in another state with only 1 income as of now not to mention if we move he will not have a job either. We are not financially strapped or anything just wanting to be closer to family and trying to make this work.

Thank you for any advice here! I have made another post but posting again for my feedback if possible.

Hello! I am trying to figure out how to go about selling my current home while also trying to purchase a new one back in my home state. Also to add to this I was previously the main source of income between myself and my husband. I made right at $200K last year before taxes. I did however recently lose my job. I do prepare by stacking some money in 2 different retirement accounts. One was paid out to me automatically and the other is still in the other 401K account. My husband will make about $40K annually by EOY. I have several factors that apply as well as questions that might be basic but I just need advice!

1- how do i determine the current value of my home? Do i go based of an online estimate or get an inspection done but I know that leads to having to disclose everything that is found but there is nothing shady I am trying to hide and would be willing to have it fixed.

2- do i sell first and then buy?

3- for the down payment on the new home should i take it out of my other 401K if possible or from my personal funds or sell my current home and use what I estimate to be at least $35-45K in home equity depending on final selling price.

4-how would the loan process work on the new home? Would we qualify for a USDA loan or FHA loan again (current home is in my name only as i purchased before we married it is an FHA loan with 3.65% interest). Would we even get approved since I don’t have a job currently or will my funds be an eligible substitute?

Please don’t shame me just need some straight forward advice and you can ask me any questions to clarify. Thank you to anyone in advance willing to read and help!