If all our debt was paid off but the house could we get another home with 10% down? Could we get a loan for another house? trying to sell this home?

Asked by Melissa French, Noblesville, IN Tue Jul 26, 2011

We live in riverwood and have some problems with ours.

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Marita Topmi…, Agent, Indianapolis, IN
Tue Jul 26, 2011
Hi Melissa,

It depends on your income to debt ratio. How much do you owe on the
house, cars and other long term debt each month compared to how much
you are earning each month. I see where you are going - find a home you
like, move in and then put your current house on the market.

Call my sister, Vickie Topmiller, 317.509.1935. She's been a loan originator for over 20 years.
Tell her I asked you to call and give you some advice. I'm good at what I do, Melissa. So is she.

Good Wishes,

Marita Topmiller
Assoc Broker
Prudential Indiana Realty Group
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Joe Shoemaker, Agent, Indianapolis, IN
Tue Jul 26, 2011

Great question. The answer is going to come from your friendly mortgage lender. That person will look at your entire financial situation - your income, your expenses, your other debts - and help you determine if you can qualify for a "bridge" loan. A bridge loan would serve as a "bridge" between your current home until it sells and the new home you want to purchase.

I'm happy to refer you to a trustworthy mortgage lender if you don't have someone you rely on.

Good luck!

Joe Shoemaker
Principal Broker, REALTOR®
MacDuff Realty Group, LLC
317 413.8501
Web Reference:  http://www.macduffrealty.com
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