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Old 10-21-2014, 06:47 AM
 
11 posts, read 17,936 times
Reputation: 13

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We spoke to our mortgage guy who assured us he could get us a loan for 5% down. We got pre-approved and found a house and are in contract with it. However, our mortgage guy just told us the other day that the banks want 10% down since this is considered a second home since we already own a first home. We are relocating for a job and will be selling the first home once we move. Putting 10% down makes us rather tight financially, especially when we do not know how quickly our first home will sell. Are we bound to go through with the sale of the second home under these circumstances? The contract lists the sum at closing as "tbd" (to be determined), so it does not mention 5% or 10%, but our mortgage guy told us he could do 5%.
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Old 10-21-2014, 07:57 AM
 
Location: Just south of Denver since 1989
11,815 posts, read 34,298,326 times
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It is only temporary. You will have the proceeds from the sale in short order and you will have a lower monthly payment for the life of the new loan.
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Old 10-21-2014, 10:17 AM
 
Location: Back at home in western Washington!
1,490 posts, read 4,739,648 times
Reputation: 3244
Quote:
Originally Posted by 2bindenver View Post
It is only temporary. You will have the proceeds from the sale in short order and you will have a lower monthly payment for the life of the new loan.
They hope. The OP mentions putting their existing home on the market after they move. We know nothing about any proceeds or profit from that sale, nor how long the home may sit on the market before being bought.

Unfortunately, because the documents left the down payment open and didn't state a specific percentage...you may be stuck with paying more or trying to back out. Call the bank directly and talk to them. There may be some wiggle room for you to get that number down a couple points, but already owning a home is going to take you out of some of the better / cheaper programs.
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