Financing in Chandler>Question Details

Brenda Morris, Both Buyer and Seller in Newburgh, IN

I have a home worth about 250,000 and need to downsize is there a way i could get a loan for the new house before i sell the old one

Asked by Brenda Morris, Newburgh, IN Fri Jan 7, 2011

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Brenda,

If your DTI (debt to income) qualifies, it will be very straigth forward. In case you have limited incomes, there are some lenders that will approve you a loan contigent on selling the old one. An experienced loan broker should be able to help you out.

David Pham
National Brokers - connecting people to homes
0 votes Thank Flag Link Tue Jan 18, 2011
That is called a Bridge Loan. Yes, it is possible but you will own two homes at the same time so you have to be able to qualify for it. Speak to a loan officer and ask about Bridge Loans. The risk is if you don't sell your home you will be making 2 payments each month until you do. In a S L O W market that can be a big risk.
0 votes Thank Flag Link Fri Jan 7, 2011
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