Hi Carlsbad,
Many people need to sell their current property before buying another, mostly because they don't qualify for two mortgage payments. Have you had a market evaluation done on your condo yet to determine the right price? This should be your primary focus before you consider buying another home because until you have the facts of how much equity you really have in your condo, it will be almost impossible to know how much cash you will have to work with when making an offer on another. If you need a market analysis done, I'd be happy to assist you.

"Carlsbad"...
Not sure of your question, but do you know the true market value of your condo, and how much equity you have? Why the need for the 40% down payment on the next home? Glad to assist... please provide more details...
Regards,
Brian Luck
Keller Williams Macomb / St Clair
586-770-4827