Financing in Gilbert>Question Details

Apollo Creed, Other/Just Looking in Gilbert, AZ

Like to sell our home and move into a more spacious home that is better suited to our family. Currently upside down on our home loan. Any ideas?

Asked by Apollo Creed, Gilbert, AZ Mon Oct 4, 2010

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4
Apollo

Did you get the answer to the questions you ask or would you like to explore it further?

Doug
HomeSmart

Arizona Homes For Sale by a Guy from Iowa
Web Reference: http://www.McVinua.com
0 votes Thank Flag Link Wed Jan 5, 2011
No. You don't even have to document the need for a larger home either. You will however have to still qualify will both mortgage payments. Furthermore,a minimum reserves of six months PITI (full mortgage payments) for both properties are required. If you have paid down your current loan by 30%, you then only need reserves of 2 months for both properties.
0 votes Thank Flag Link Mon Oct 4, 2010
We have a VA home loan that we have been current on for the past 4 years. We did not have to put 25% down under this program.

Rudy, does your answer still apply?
0 votes Thank Flag Link Mon Oct 4, 2010
Hi, Apollo Creed

If you're in a FHA mortgage, been current on your payments for the last 12 months, have paid down 25% of the original mortgage, and can document your need for a larger home, you can go FHA.
0 votes Thank Flag Link Mon Oct 4, 2010
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