Can I get a 95% loan to value mortgage on a second house, while trying to sell the house that I am in now?

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We are trying to sell our current home, but are having trouble, and might need to drop price to get rid of it, in order to avoid paying two mortage payments.

We are counting on the proceeds from the sale of this house to increase our downpayment. We’ve got 5% down already, but it is looking more and more like we might have to lower our price to the point that we won’t be making enough money on the sale to significantly increase our downpayment.

Any ideas?

3 Comments
  1. Reply
    Carolinahomerates.com
    February 10, 2011 at 6:23 am

    FHA requires only 2.25% down payment….
    Mycommunity is a zero down program…if you have a 620 then you can get a good PMI payment.

    it will be your primary since you’re planning on moving to the new one…

  2. Reply
    frank.norris@pncmortgage.com
    February 10, 2011 at 6:26 am

    Possibly, yes. It varies on a couple of other factors, such as your debt-to-income ratio and credit score. The best thing to do is to consult with a loan officer, like myself, and go through the application process.The company I work for can still do 100% financing. I have had a couple of clients in your boat and have been able to find a solution for them. Also, there may be other ways to go about this, so that you can benefit from a lower loan percentage.
    Side note: I may also have suggestions for selling your house besides lowering the sales price.
    Please feel free to contact me at frank.norris@pncmortgage.com or you are welcome to call me 443-789-8742.
    Thanks and good luck!

  3. Reply
    Rony
    February 10, 2011 at 7:16 am

    FHA requires only 2.25% down payment. I found interesting information about your answer & the best options here.
    http://all-mortgage-calculators.blogspot.com/2007/07/mortgage-loans.html
    Good luck!

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