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07-31-2009, 01:58 PM
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6 posts, read 13,407 times
Reputation: 13
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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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07-31-2009, 02:11 PM
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Location: Plano, Texas
1,675 posts, read 6,653,948 times
Reputation: 694
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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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07-31-2009, 02:24 PM
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6 posts, read 13,407 times
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Thanks but no 401
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07-31-2009, 02:39 PM
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Location: NE Florida
17,835 posts, read 30,868,570 times
Reputation: 43376
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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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07-31-2009, 02:59 PM
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6 posts, read 13,407 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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07-31-2009, 03:57 PM
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4,987 posts, read 12,696,263 times
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Quote:
Originally Posted by Arobin
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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Your short $12k of what % down on the new house? |
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07-31-2009, 05:05 PM
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6 posts, read 13,407 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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07-31-2009, 05:06 PM
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Location: Castle Hills
1,133 posts, read 2,422,747 times
Reputation: 611
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Don't do this.. we dont want to bail your ass out.
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07-31-2009, 06:04 PM
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Location: Cleveland area
81 posts, read 214,533 times
Reputation: 48
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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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08-01-2009, 12:20 AM
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Location: Sacramento
2,568 posts, read 6,242,227 times
Reputation: 1924
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Quote:
Originally Posted by Arobin
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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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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