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Old 07-31-2009, 01:58 PM
 
6 posts, read 13,387 times
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Have our house up for sale and trying to buy another - our dream house - that will sell if we don't get it. We need to sell this house to buy the other. Without the sale we have no money for down payment but have been told by mortgage people that we have enough income to carry both mortgages (the two mortgages would be about 40% of our income). We're willing to do this until the first house sells. A need of $12,000 is stopping our progress.
(No friends or family to rely on)
Anyone have any idea how we solve this ?
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Old 07-31-2009, 02:11 PM
 
Location: Plano, Texas
1,675 posts, read 6,644,648 times
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Not the best advice, but do you have a 401k? If so, you can take a loan against it or withdrawal funds by you will be taxed heavily.
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Old 07-31-2009, 02:24 PM
 
6 posts, read 13,387 times
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Thanks but no 401
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Old 07-31-2009, 02:39 PM
 
Location: NE Florida
17,835 posts, read 30,827,918 times
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Not a fan of this but can you do a "bridge loan" against the equity on the 1st house for the $12k
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Old 07-31-2009, 02:59 PM
 
6 posts, read 13,387 times
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The equity in the first house is already being applied and we're $12, 000 short for the down payment. You'd think in this mortgage climate that if we can afford the two mortgages there would be a line of lenders looking to grab us.
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Old 07-31-2009, 03:57 PM
 
4,982 posts, read 12,660,503 times
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Quote:
Originally Posted by Arobin View Post
The equity in the first house is already being applied and we're $12, 000 short for the down payment. You'd think in this mortgage climate that if we can afford the two mortgages there would be a line of lenders looking to grab us.
Your short $12k of what % down on the new house?
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Old 07-31-2009, 05:05 PM
 
6 posts, read 13,387 times
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I believe the last number was 5% down. With the equity in the old home and the required 5% down on the new home we were short $12,000. This was even with help from the seller. He's down to his lowest offer.
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Old 07-31-2009, 05:06 PM
 
Location: Castle Hills
1,133 posts, read 2,418,920 times
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Don't do this.. we dont want to bail your ass out.
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Old 07-31-2009, 06:04 PM
 
Location: Cleveland area
81 posts, read 214,060 times
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I agree that you shouldn't do it - in this economy it is too risky. your house might not sell for a very long time and then where would you be?
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Old 08-01-2009, 12:20 AM
 
Location: Sacramento
2,568 posts, read 6,229,019 times
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Quote:
Originally Posted by Arobin View Post
I believe the last number was 5% down. With the equity in the old home and the required 5% down on the new home we were short $12,000. This was even with help from the seller. He's down to his lowest offer.
That is confusing? If you haven't sold your old home, how do you count the equity?
Regardless, do not do it. You are going to be miserable and stressed out which is going to make you hate your "dream" home. BTW, the "dream" home concept is a myth. All houses have good features and annoying quirks. You will find another house that will probably suit you as well if not better.
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