While down payments are required by most loan programs, I'm still getting a lot of buyers 0% down using an FHA loan with a Down Payment Assistance Program (DAP). It's out there, but as Teri stated, it is important to talk to a loan officer to figure out what you do qualify for.

Hi Jim!

First things first! Find out what your current home will sell for in this changed market. The rest of the situation is irrelevant unless you can sell your home, pay all fees and have some money for a down payment.

Unfortunately, buyers do not care what you owe on your home. They will only pay what your home is worth to them today.

So find a good qualified Realtor to provide a market analysis that is accurate. Not telling you what you want to hear but what you truly can expect to receive in this market.

If the numbers look good, next visit with a good qualified lender to be certain that you will be approved for a loan with the amount of down payment you have available. Zero down programs are almost non-existant these days so be certain that you will be able to get a loan for the home you want to buy and a payment that works in your budget.

If your home does have enough equity to pay off the mortgage, fees and you are comfortable that you will be able to purchase, then you can look at putting your home on the market contingent on finding your home of choice. Another option is putting your belongings in storage and finding a temporary rental situation near where you want to live.

If you have any questions on how to time a double move, feel free to email or call me. I have many clients that buy/sell with same day closings. It takes the organization and commitiment of a good Realtor but is done everyday!

Good luck!

If you've purchased your home in the last few years and did 0% down, it is unlikely you will get out of the house for the amount you owe. Brad is correct that you need to talk with 1-3 agents first and determine what is best in your situation. Each situation is different.

Jim, the 1st thing you shold do is contact an Real Estate agent to get a Comparative Market Analysis. This will help you decide if now is the time to sell your home. Don't make the mistake of using what you owe on your home as the value of your home. Once you know if you can sell it for what you owe or more, then your Real Estate agent, can help you with timing the sale of your home.

Jim,

A tool that was used a lot years ago was a clause in the MLS stating “The sale is subject to the seller finding a home of their choice”. Then you are protected and you can always remove it when you feel more comfortable with what is going on with the buyers, your bottom line estimates, and your home search.

Jim: I think in your case if you think you may not be able to get full payoff on your mortgage it would be best to sell your house first and then go looking. You can choose what closing date you want and if you put it 45 days out for your sale you can probably find a home that you want in that time frame and close on both the same day without any hassles.