Financing in New Richmond>Question Details

Noelle, Home Buyer in Gulf Breeze, FL

I have a home in Fl that we put 20% down on that is currently renting and would like to use this as equity to buy a home with a small downpayment

Asked by Noelle, Gulf Breeze, FL Wed Oct 12, 2011

such as 1000 down on 95,000. would this be possible?

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You would need to a cash out refinance/take out a 2nd mortgage on your home in Florida, and I have a feeling you probably don't have a ton of equity since Florida housing prices haven't been going on so that could be real difficult if not impossible for you to do. Plus the costs of obtaining the loan would far outweigh the amount of money you'd actually get out - you'd pay more in fees than what you'd get. If you just need $1,000 for your down payment then are you able to save those funds up on your own? You are probably looking for a 3% to 3.5% down payment minimum anyway.
1 vote Thank Flag Link Wed Oct 12, 2011
Hi Dnolson15,

Shane's right so you should look into getting a no money down USDA loan as long as this is going to be your primary residence.
0 votes Thank Flag Link Wed Oct 12, 2011
Give me a call I will walk thru your options
0 votes Thank Flag Link Wed Oct 12, 2011
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