Profile picture for jazzy texas

recently bought a town home with cash, need cash for down payement on next home

i purchased a townhome paying cash, not so desirable area after 5 years, took tax credit 8k, now i am intersted in a foreclosure home in favorable area for 15years , but need 30k down payement.i have equity of 90k on my first purchase, what is best way to raise money for my second purchase?/i have preapproved loan for 160 k and i am using only 138k, please advice (planing to stay in this town home another 3 years rent it out after, rent this home till then, if i could buy it)
  • May 08 2010 - Houston
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Answers (5)

HELLO IF IN NEED OF ANY PAINTING
GIVE FRANK A CALL 619-929-9210

 

  • May 08 2010
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Profile picture for wetdawgs
You may find posting in the mortgage section give better responses.
  • May 08 2010
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Profile picture for al123456
Well, you have a few options of course...

You could finance your purchase buy financing your townhouse. You could also, try to work with your morgatge broker so you require less of a down payment.

If I were you though, I would wait until you could come up with that 30k yourself. I would not recommend you finance something from something that is 100% paid off. It does not sound like you need the house right away, so hold out a little longer.
  • May 19 2010
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Rent to college students or goto local social service office. Rapid Mortgage out of MD is working with there Uinversity on houes with 4 and six rooms houes. This will keep your houes rented. They have a team to help
  • May 20 2010
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I would get a home equity on the townhouse. You have 100% equity in the townhouse, so getting the loan should be quick and easy. I recently had an 86 year old client who did the same thing just last month. I wouldn't wait,because home prices are low as well as the interest rates on the loans. If you can handle the payments, I would act now. Waiting could cost you money if home prices stabilize and rates go up.
  • May 20 2010
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