Posted by dewCO on December 09, 2000 at 19:09:31:
In my area it is hard to find such a loan. But try all of the above if it’s a good deal persue it. Make the agent help you find a way to do it. What have you got to lose.
After checking with just about every bank in m yarea I did find one, who if you have very good credit will do what you are asking, so it is possible, you need to check with all of them. The trick is to find one that won’t count both payments against you when you are qualifying for the loan on the new house. Becaue if they coundt both, you probably can’t qualify due to debt ratio.
I also just got a seller qualified by having him pull equity out of his current house and then doing a first and a second on the home to be purchased. He just sqeaked in under the LTV and debt ratio maximums counting ALL the payments against him. So that might be possible for you to. A good lender should be able to run those numbers for you. It was an 80% 1st, 15% 2nd and 5% down which came from his equity line fo credit, the new purchase money 2nd and about $4,500 of their savings.