Perhaps I'm not understanding.Unfortunately a HELOC isn't an option for the downpayment. The bank won't allow it for some reason.HELOC
https://files.consumerfinance.gov/f/doc ... _print.pdf
You can tap into the equity of the current home and let the loan close when you sell the current home
It sounded like you don't need a HELOC for the down payment. You could sell your holdings, right?
What you need, I thought, would be the earnest money, and likely fast in a sellers' market.
Once you've had an offer accepted, sell whatever you need for the down payment, You should have a couple of weeks for that,
And you can show the bank your holdings so they can see exactly where the down payment money is coming from... and *not* from any type of loan.
Does that not work?
A question might be whether you could qualify for the new mortgage is you already have any mortgage for the current house. But if so, the llender may still be willing to work with you. This isn't the first time this situation has cropped up.
RM
Statistics: Posted by ResearchMed — Tue Jan 14, 2025 5:28 pm
