Financing in Little Rock>Question Details

Lisa, Both Buyer and Seller in Little Rock, AR

Moving. Want to buy new home. Payments on new/old home no problem till sold. Options to come up with downpayment 4 new? Creative financing?

Asked by Lisa, Little Rock, AR Fri Sep 30, 2011

Aside from home equity loan on old house, are there ways to find downpayment money if income is no problem? We just have cash flow problem until old house is sold and about 5 months into new much better paying job position. Found a house we really like and want to go ahead and buy it if possible.

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You do realize that question was asked almost a year & a half ago, right?
1 vote Thank Flag Link Thu Mar 28, 2013
I know of some programs that offer down payment assistance and have gotten customers locked in with no money down. Give me a call and I will explain more. 501-398-4663
0 votes Thank Flag Link Thu Mar 28, 2013
Lisa to get the new home just like my colleagues have said would take a bridge loan. I understand you have a solid credit score and work history. My best advice is unless the new home is your absolute must have dream home, then i would concentrate on getting your current house sold and then go purchase. Banks these days are very nervous about doing financing on a individual who already has a home, especially in todays housing market.

I hope my colleagues and I have been able to provide some sort of insight or advice. Good luck with what ever decision you make.
0 votes Thank Flag Link Fri Sep 30, 2011
Lisa, David is correct. A bridge loan will be the best option for you if you want to go ahead and purchase a new home without having the old home sold. You can, although most sellers are not inclined to accept offers like this in today's market, make an offer on the new home CONTINGENT upon your house selling. Back to the financing, a mortgage lender is the best one to speak to in regards to this and most, if not all, will qualify you for a loan for free.
0 votes Thank Flag Link Fri Sep 30, 2011
Lisa, unfortunately there is really no "creative financing" in this day and time, however, it depends on where the house is you want. If you purchase a house defined the the USDA Rural zones, you qualify for 100% financing and then you simply have the seller pay your closing cost and you're in for zero. If you're looking at a home in the middle of the city for example, what you need to do is go to the bank and get a "bridge loan" to accomplish your goal with no problems. If you want to email me direct, I can go into more details. On this home you're wanting to it a For Sale By Owner or listed with a real estate company...could make negotiations better or worse.
0 votes Thank Flag Link Fri Sep 30, 2011
PS: Rock solid employment history and excellent credit scores...does this get you anywhere, anymore?
0 votes Thank Flag Link Fri Sep 30, 2011
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