I have a home equity line of credit at the house i currently live in, but I am considering selling it and

Asked by Melissa34, Macclenny, FL Mon Jul 6, 2009

buying something different...i would have to make enough off the sale to make a downpayment on the new place...my question is...does the HELOC have to be pd off at the time of the sale of the property...if it does that would probably negate my downpayment...can u get a mortgage without a downpayment?

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Melissa Ante…, , Boca Raton, FL
Tue Jul 7, 2009
Hi Melissa,
Yes you will have to pay off the 2nd mortgage when you sell it. The only way around that is a short sale and you do not want to damage your credit and you will have to put more money down on your next purchase if you have a short sale on your credit. The lowest down payment currently is the FHA 3.5% down plus your closing costs. Good Luck.

Ameritrust Mortgage
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Linda S. Cef…, Agent, Franklin, WI
Mon Jul 6, 2009
Yes, it will automatically be paid at closing.

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