Posted on: 22nd Jan, 2010 10:58 pm
Hi everyone, I owe about 7% left on my mortgage. I am looking to buy first then sell later to avoid moving twice. My question is will the lender cover for the new home with no money down? The only money down is when the house is sold. I will down 50% for the new home. Is this doable?
100% financing doesn't exist any more, for the most part. you might find someone willing to do it for an exorbitant price, but it'll be most difficult. a more likely happening is that a lender might arrange to provide you with a bridge loan - a loan secured by a mortgage on your existing home that would need to be paid upon sale, of course. if you can qualify for that along with a loan for the remainder of what you need for the purchase, it can work out for you.
discuss this at length with whatever lender(s) you are working with so that they can spell out your options appropriately.
discuss this at length with whatever lender(s) you are working with so that they can spell out your options appropriately.
thank you george!
>>My question is will the lender cover for the new home with no money down?
Only with the VA and USDA guaranteed home loan programs. You can purchase another home with 0 down, with a contingency to sell yours.
If you're a Veteran, I suggest the VA no-no loan. A Vet can purchase a home without any cash out of pocket if the Seller agrees to pay all the fees - that scenario is happening a lot where I live.
Only with the VA and USDA guaranteed home loan programs. You can purchase another home with 0 down, with a contingency to sell yours.
If you're a Veteran, I suggest the VA no-no loan. A Vet can purchase a home without any cash out of pocket if the Seller agrees to pay all the fees - that scenario is happening a lot where I live.
