Financing in New York>Question Details

Ny2sc, Both Buyer and Seller in Catskill, NY

I have a 10% down to purchase a 2nd home in another state. How could I go about purchasing 2nd home without refinancing (don't want added?

Asked by Ny2sc, Catskill, NY Tue Jul 27, 2010

expense to be tacked on to house). Would like to sell home 1st home at below market value-mortgage paid off. How can I go about this?

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Hi Ny2sc,

It "looks" like you would like to buy a new primary residence but you have a home you need to sell at the same time, right? If so, you can make an offer on a new home with a contingency that your current home sells before you can close on your new home.

As long as you're buying a new primary residence a 10% down payment will be fine.

If you're looking for an actual 2nd home, you're best bet with 10% down is the HomePath program.

What state do you want to buy in?
0 votes Thank Flag Link Wed Jul 28, 2010
The first stop would be to speak with a mortgage broker or bank loan officer to determine where you stand with respect to how much you qualify for. Then I suggest you speak with a real estate agent about what you can expect to receive from your current residence and how long it may take to sell. In any sale, if the price is right, the property should sell relatively quickly. I would be pleased to send you referrals for agents and/or answer any other questions you may have. Feel free to contact me at your convenience.

Ralph Windschuh
Certified Buyer Representative
Senior Real Estate Specialist
Associate Broker
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
Top 2% of Century 21 Agents Nationwide
0 votes Thank Flag Link Wed Jul 28, 2010
You can get a conventional loan for the purchase of a second home, with no increase in the rate. However, there are often minor differences in rate from state-to-state. However, at 90% LTV, you will be subject to mortgage insurance...unless you can find a lender who still offers a "piggy-back."

As well, should you be considering the purchase on a foreclosed property, you just might get lucky and find a property that has the financing offered when you purchase a particular home. Fannie Mae, VA, FHA all have incredible financing programs on certain properties. (Here's an example of financing which was offered on a home I sold a week or so ago: http://www.fanniemae.com/homepath/financing/index.jhtml).

Best of luck to you...there are some incredible deals out there nowadays!

Sincerely,

Dean Ladick
Broker-Owner
Beach Quest Properties, LLC
Destin, FL
850-582-7446
0 votes Thank Flag Link Tue Jul 27, 2010
Taking advantage of performing markets is the key in this kind of real estate economy. One of those top performing markets would be the DFW area....it's the fastest growing metroplex with steady economical growth and corporations flooding the new HUB of the US.

My suggestion:1. Keep you home in New York until you're able to sell it at the price of a healthy seller's market. 2.Use the 10% Down Payment you have to purchase a home where the seller is willing to carry the note for the life of the loan or a certain term. 3. Buy in the DFW area...have excellent, high performing seller finance investment opportunities that can't be found anywhere else in the US!

Contact me directly @ Erica.Cisneros@gmail.com
0 votes Thank Flag Link Tue Jul 27, 2010
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