buying a new house but using down payment from selling existing house

Alex,You would have a contingent transaction as you need to sell to buy. If you were to be able to qualify with both payments and have a lower down payment we would have a different story. Your new purchase will be setup to close concurrent to the sale. The Lender will ask for an Estimated HUD on the sale and then coordinate funds transfer at sale. It is important to have your plan conveyed in your offer by your Realtor. Please call me direct at 805.530.1199 to help you with your transaction. I cal also be emailed at michael@united4loans.com.

Alex, it would be helpful to know the purchase price but you could do a 1st and 2nd on the purchase property and when your existing property sells you payoff the 2nd pact provided you can carry both mortgages. Also, if your existing property is not listed you may consider an Equity loan on that property (again must qualify for all mortgages). Contact me at 800-485-1387 ext. 116 or ballen@bankofenglan1.com Brian

The easiest is to sell and buy the same day - and this is how the vast majority of deals actually come together. If you need to buy before the existing home is sold, this can get complicated. It may of many not work. Too much for this web site, so contact a local mortgage broker in your area for details and assistance.

Talk to your Realtor.. you should be able to schedule a simultaneous closing. This is done all the time.. This only is necessary if you cannot qualify for a new loan with both mortgage payments.. if you don't have enough income to qualify for both payments, you must sell your existing home prior to purchasing the new home, but as I stated above, this can be done simultaneously. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com