Asked by biggoldbear, Poway, CA • Mon May 13, 2013
We recently refinanced our house (living here for 5 years). We weren't planning on moving any time soon, but a couple houses have come on the market recently that we're very interested in. We currently owe 350k and our house is appraised at 460k. We have ~70k in cash reserves (~50k in 401k) and we are interested in houses in the ~700k range. I'm thinking an 80-10-10 type loan would be our best option as I would prefer to not have PMI. One concern I have come across is having refinanced our current house as a primary, if it will be possible to buy a new house before selling ours. I know there can be issues having two primary loans originated within 12 months, but that might be overcome by a letter of intent and depending on the lender. Any advice?
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