Let’s consider you are one of the fortunate homeowners who bought their home at just the right time and you have tons of equity in your home. You never planned on this home being your forever home. Maybe you want to buy a nicer home with more room for your family to grow, or you really want a bigger backyard, or you just want a newer home with more upgrades and closer to your friends and family.
You have been asking yourself “how do I make the move up to another home?” You think you will need to sell your current home to qualify for the loan on the new home. You think you will also need the proceeds from the sale of your home to use as a down payment on your new home.
Here’s a few things to consider:
You can sell your current home and move into a rental home while you are looking for your new home.
You can make a contingent offer on your new home. A contingent offer is an offer that allows you to sell your current residence while buying a new home. The offer to buy the new home is contingent on the sale of your current residence. This means your current residence must be priced at market or below for a quick sale and you may have to make a larger earnest money deposit on the new home.
You can rent out your current home if you qualify for both mortgages and you have enough in liquid assets for the down payment and closing costs on the new home.
You can tap into the equity of your current home with a home equity line of credit.
If you qualify for both mortgages you can finance the new home with a FHA loan. The down payment is only 3.5% and in many cases sellers are willing to pick up your closing costs.
Please call or email me with any questions about buying and financing your dream home…
Let me help make your dream of homeownership come true. I specialize in finding you the right loan that meets your specific needs and financial goals. With mortgage rates still near historic lows, make this year the year to make your homeownership dream come true. Kathleen@BeckHomeLoanPro.com or call 916-722-0395 to get started on your dream of home ownership. Kathleen Beck A person you can count on. West Coast Mortgage Group 2716 Broadway Sacramento, CA 95818 NMLS#243181