Compare the complete builder offer
Lennar's official Myrtle Beach page describes rate buydowns and closing-cost assistance on selected homes when buyers use its affiliated lender. That does not mean every home or buyer qualifies. Offers change, and a lower introductory payment is different from a permanently lower fixed rate. Compare the actual home, financing terms and complete offer, not just the headline.
Selling for what you paid does not mean breaking even
A small down payment can leave a seller with a narrow cushion. FHA financing can allow as little as 3.5% down. Mortgage insurance financed into the loan can also affect the starting balance. Over time, principal payments reduce that balance, so someone who bought last year and someone who bought five years ago can be in very different positions.
Here is a hypothetical example—not a current rate quote or a typical selling-cost estimate:
Purchase price: $250,000, with $8,750 down. Initial mortgage: about $245,472, assuming a $241,250 FHA-style base loan plus financed upfront mortgage insurance of 1.75%. Loan terms: an illustrative 6.50% fixed rate for 30 years, with all scheduled payments made. Resale after two years: $250,000. Assumed selling expenses: $15,000 total, including $10,000 in negotiated brokerage compensation and $5,000 in other seller expenses.
That leaves $235,000 before paying off the mortgage. The calculated principal after 24 payments is about $239,801, creating a roughly $4,801 gap before any additional payoff charges. Compensation is negotiable; these invented costs are not a standard commission or a recommendation.
After five years under these same assumptions, the calculated principal would be about $229,789. The result changes. Your actual interest rate, payment history, price, costs and additional liens matter.
Start with a written seller net sheet and a dated payoff from your mortgage servicer. A statement balance is not necessarily the amount needed to pay off the loan at closing.
Could a short sale be an option?
Possibly, but a difficult resale or low equity does not automatically qualify you.
A short sale requires the lender or mortgage servicer to approve a transaction that does not fully cover the mortgage. The application, your financial circumstances and the rules of the loan owner or insurer matter. Other mortgage holders may also need to approve. A sale below your original purchase price is not necessarily a short sale if the full debt is paid.
Ask what happens to any remaining debt. Do not assume permission to sell also waives your personal liability. Where applicable, obtain a written deficiency waiver and have the terms reviewed before closing.
Forgiven mortgage debt can also have tax consequences. For a new short-sale arrangement made in 2026, do not assume the principal-residence debt exclusion is available: IRS guidance sets an end-of-2025 cutoff. If cancellation is covered by a qualifying arrangement documented in writing before 2026, have a tax professional review whether that provision applies. Other exclusions may apply, including qualifying insolvency or bankruptcy.
Review your options before deciding
A realistic sale strategy may still work. Compare actual competing homes, identify what distinguishes yours, and calculate whether you can cover a closing gap. If you are struggling with mortgage payments, contact your servicer early about available assistance. Depending on your loan and circumstances, that could include a modification, repayment plan or forbearance. Forbearance postpones obligations; it is not automatic debt forgiveness. Do not deliberately miss payments to pursue a short sale.
Before you decide to sell, ask the Forturro team for a realistic market comparison and seller net sheet. If the numbers do not cover your payoff, speak with your mortgage servicer about your options. A HUD-approved housing counselor can also help you assess the available paths. Legal, tax and loan eligibility questions require the appropriate professional review.
Quick answers
Frequently asked
- Does selling at my original purchase price mean I break even?
- Not necessarily. Selling expenses and the dated mortgage payoff reduce your proceeds. Calculate a seller net sheet using your actual price, negotiated costs, current payoff and other liens before deciding whether you can cover a closing gap.
- Does low equity automatically qualify me for a short sale?
- No. Your mortgage servicer and the relevant loan owner or insurer must approve a short sale based on the application and your circumstances. Other mortgage holders may need to approve. A negative net sheet is a reason to review options, not proof of approval.
- Is the example interest rate or selling cost a current quote?
- No. The 6.50% fixed rate, $15,000 total selling expenses and $10,000 negotiated brokerage compensation are invented assumptions for the example. Compensation is negotiable; actual rates, fees, costs and proceeds must be established for your transaction.
- Can I use my statement balance instead of a mortgage payoff?
- Request a dated payoff from your mortgage servicer. A payoff can include interest through the closing date and other amounts that are not part of the principal shown on a statement. Additional mortgages or liens can also affect the amount needed to close.
- Does short-sale approval eliminate the remaining debt or taxes?
- Do not assume that it does. Ask for written terms addressing any remaining debt and have them reviewed. Forgiven debt can have tax consequences; new 2026 arrangements must not assume the principal-residence debt exclusion applies. Prior written arrangements and other exclusions need tax-professional review.
- What should I do before choosing a short sale?
- Compare realistic competing homes and obtain a seller net sheet and dated payoff. If you are struggling with payments, contact your mortgage servicer early about available assistance and consider a HUD-approved housing counselor. Do not deliberately miss payments to pursue a short sale.