To Dineruno and any First-Time Home Buyers out there:
The last answer you got from B. Smith implies that your problem could be solved with a "down payment assistance program." This is very misleading because it sounds like (from your question) you already own a house, and so how would you get qualified for TWO loans at the same time?? --You would have to have a very high income and low debt structure in order to be able to qualify for both loans at once. (Not a likely scenario based on your question.)
There ARE down payment assistance programs out there for first-time home buyers who qualify. AND, --the house has to qualify as well. Not all houses and not all buyers can fit into this mold. Some of the programs are only offered in certain neighborhoods, or specific Zip Codes. That's great IF you want to live there. ~But location is important to a lot of people.
Should you be interested in such a program, give me a call. I recently sold a house in Watauga where the Program paid $7,500 for the buyer's closing costs. I am currently selling a house where the Program is paying up to $10,000 in closing costs and down payment assistance. Not everyone is able to qualify for these programs, and it takes an experienced Agent and a trained Loan Officer to handle the transaction. Contact me to see if it would work for you.
ULTRA Real Estate Services