Zillow Advice: Home Buying - How can qualify for a loan using my Free&clear home as colateral for a $110,000. http://www.zillow.com/advice-thread/How-can-qualify-for-a-loan-using-my-Free-clear-home-as-colateral-for-a-110-000/374030/ Zillow Advice | Zillow Real Estate I agree with Jim that you ... http://www.zillow.com/advice-thread/How-can-qualify-for-a-loan-using-my-Free-clear-home-as-colateral-for-a-110-000/374030/ I agree with Jim that you will have trouble getting a loan on your present home to purchase another if your home is on the market.&nbsp; However, a good alternative would be to get an equity line on the new home that you can pay off when your home sells.&nbsp; (Reason:&nbsp; Closing costs are extremely low on an equity loan.)&nbsp; You would still need to come up with a down payment to cover the difference between the maximum equity loan you can get and the purchase price.&nbsp; Hope this helps.&nbsp; Good luck. Sat, 06 Nov 2010 21:59:00 GMT http://www.zillow.com/advice-thread/How-can-qualify-for-a-loan-using-my-Free-clear-home-as-colateral-for-a-110-000/374030/ 2010-11-06T21:59:00Z Your bank may give you a ... http://www.zillow.com/advice-thread/How-can-qualify-for-a-loan-using-my-Free-clear-home-as-colateral-for-a-110-000/374030/ Your bank may give you a short term "bridge loan" to secure the new property if all qualifying criteria are met.&nbsp; You could pay the bridge off when the old home sell. Fri, 31 Dec 2010 17:23:00 GMT http://www.zillow.com/advice-thread/How-can-qualify-for-a-loan-using-my-Free-clear-home-as-colateral-for-a-110-000/374030/ 2010-12-31T17:23:00Z Even a better idea Lola. http://www.zillow.com/advice-thread/How-can-qualify-for-a-loan-using-my-Free-clear-home-as-colateral-for-a-110-000/374030/ Even a better idea Lola. Sat, 06 Nov 2010 23:02:00 GMT http://www.zillow.com/advice-thread/How-can-qualify-for-a-loan-using-my-Free-clear-home-as-colateral-for-a-110-000/374030/ 2010-11-06T23:02:00Z If your income, expenses, ... http://www.zillow.com/advice-thread/How-can-qualify-for-a-loan-using-my-Free-clear-home-as-colateral-for-a-110-000/374030/ If your income, expenses, credit score, assets and liabilities allow you to qualify, you could get a loan against your exiting home assuming it appraises, with one exception.&nbsp; Since you home is for sale, you will have difficulty getting a loan on it no matter what your intention is to do with the proceeds.<br/><br/>If meet the qualifications above, you could get a loan on the new home you are buying and pay it off when your existing home sells.<br/><br/>I hope that answers your question.&nbsp; Sat, 06 Nov 2010 20:57:00 GMT http://www.zillow.com/advice-thread/How-can-qualify-for-a-loan-using-my-Free-clear-home-as-colateral-for-a-110-000/374030/ 2010-11-06T20:57:00Z