I own my home free and clear.

As mentioned above, if you intend to move to the unit it will be considered a Primary Residence loan and you could by it via an FHA lona with only 3.5% down. If you don't intend to move into the unit then it will be considered an Investment property and then you will need at least 20% down but more likely 25% down. Also, if you are getting a good deal on it and are not intending to move into it you could always just do a Cash Out refi on the townhome you live in now and then use that cash to do an out right purchase of the other property. That would be the cheapest way to go but you would need to get the new property at a substancial discount.

If you intend to occupy that unit you can finance it as a owner occupied. The benefit is lower rates and a downpayment of as little as 3%.

If you don't intend to occupy the new townhome, then I would recommend you do a cash-out refinance on your existing home. That way, you can pay cash for the new unit. You will avoid the fees associated with a loan used to buy an investment property. If would be much simpler and less hassle for you.

Sure, you can buy another town home. The only question is are you going to live in it, or are you buying it for investment / rental purposes. As others have said, 20% down for rental property purposes, and as little 3.5% if you are going to live in it. Stop in to a local NON-bank lender, and let a licensed Loan Officer review your information and provide options. www.Minneapolis-Mortgage.net

Yes it is possible but there are other factors that will affect your options like your income...Give me a call at your convenience at 786 417 0004 so that we may discuss different options and alternatives that will best fit your needs. I am licensed in both the State of Florida and the State of New Jersey.Looking forward to hear from you, Nick Amaro

Good Morning. The 3.5% down payment on an Owner Occupied Purchase only can happen if your Association is FHA Approved. You can find the list of Approved Condominium Associations by visiting this link: https://entp.hud.gov/idapp/html/condlook.cfm If your Association is not on the List, there is no 3.5% down payment program for purchase the unit to live in (owner occupied). On the other hand, as mentioned by the other professionals, purchasing the unit as investment can happen with a 20% down payment. Taking cash out of your existing condo can be possible too, but I would urge you to speak to an Accountant or CPA as to the Tax Benefits and/or Ramifications. Using your primary residence to purchase an investment property may not allow you to write off the interest in certain situations, so gather all the facts before deciding on what to do! I would be happy to help you with the financing, so feel free to send me a message. We are a Federally Chartered and can financing property in all 50 States. Thank you!

There are many factors to take into consideration to answer your question correctly. If you want to know exactly what can be done we would be happy to give you a free no obligation consultation to go over all your options. If it will be your primary you may be able to put as little as 3% down. give us a call or email us! 754-444-9705 or Team @BestMortgageOption.comAsk for Benny or Michelle

If you are 62 or older, you could consideer using a reverse mortgage on your existing home to purchase the new one if the new one will be your primary residence.