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The OP wants to take a mortgage, with a balance secured on another home. Sorry, but you cannot move over to a new house for a purchase money if he is selling the old home.
The OP wants to take a mortgage, with a balance secured on another home. Sorry, but you cannot move over to a new house for a purchase money if he is selling the old home.
You aren't reading it correctly. The fellow wanted to move it, and the next poster ThomasDavie indicated he would have his bank write an exact duplicate one for his new home. Then from proceeds of selling his old home pay off the old line of credit. . The net result is he has a duplicate credit line on his new home. He explained it as being almost the same thing as transferring it over. The guy wanted the same line of credit to be on top of the purchase money. ThomasDavie said you can only have it for 90% loan to value .
I have to agree with ThomasDavie. You can get a home equity line for purchase money but then pay it down and its still open for you to reuse. My husband and I did this Or , you can purchase the house with cash and put a home equity line of credit on the home for future use too. My realtor gave us this option once.
If you re read the thread, you will understand it.
You aren't reading it correctly. The fellow wanted to move it, and the next poster ThomasDavie indicated he would have his bank write an exact duplicate one for his new home. Then from proceeds of selling his old home pay off the old line of credit. . The net result is he has a duplicate credit line on his new home. He explained it as being almost the same thing as transferring it over. The guy wanted the same line of credit to be on top of the purchase money. ThomasDavie said you can only have it for 90% loan to value .
I have to agree with ThomasDavie. You can get a home equity line for purchase money but then pay it down and its still open for you to reuse. My husband and I did this Or , you can purchase the house with cash and put a home equity line of credit on the home for future use too. My realtor gave us this option once.
If you re read the thread, you will understand it.
Absolutely, you can do it this way - I was reading it wrong. I was reading it he just wanted to move the balance over to the new home. Up until last month, we were doing portfolio 80/15/5 loans purchase loans, and now are only doing 80/10/10s.
So basically I am looking to sell my current house now, and still find a way to keep or transfer my home equity LOAN, not line of credit.
The main reason is I do not have that big of a down payment for the next house. So if I have to pay off the home equity loan AND the mortgage before moving into the next house I will not have 20% for a down payment.
If thats not clear let me know any questions you guys have.
Absolutely, you can do it this way - I was reading it wrong. I was reading it he just wanted to move the balance over to the new home. Up until last month, we were doing portfolio 80/15/5 loans purchase loans, and now are only doing 80/10/10s.
This is a good point to the other thread I was discussing. This FHA pmi for the life of loan will end up going back into 80/15/5
Especially lower balances, the extra 1.5% you got to put up for downpayment is easily worth the upfront and monthy PMI charges.
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