Profile picture for Gunjanshah

I lost my downpayment to my current home, i need to upgrade, do i have to come up with 20% on nw mtg

I currently own my first home, Since i bought it (4 yrs) i lost all my downpayment (about 120k) We are outgrowing this home, and i need to upgrade, what are my options? sure prices are cheaper, but i dont have cash for downpayment on second home.

What are my options? any way mtg company would carry over the entire mortage to new home, and i can add 20% of the diffrence?
  • May 04 2010 - Milpitas
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Answers (2)

1. refin, 2. apply for loan mod, 3. credit union, talk to a mortgage officer.
If you are in Milpitas I know a very resourceful mortgage officer. Send me an eMail give me details. I will have her give you the options.
  • May 09 2010
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Profile picture for wetdawgs
If you are qualified for an FHA loan, you'll have to come up with 3.5% down payment on your new-to-you home.   Mortgage companies will not lend >96.5% of the value of the property.

Is your current home on the market?
  • May 04 2010
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