Can I place the remaining mortgage payment on my existing home towards a mortgage on a new home?
Amidst this struggling economy, I am looking to sell my townhouse and purchase a single - family home. I know I will not sell the house for more than I originally purchased it for, but will I be able to transfer the remaining balance of the mortgage after I sell the townhouse to the mortgage on the new single - family home? Excuse my limited knowledge on the rules and regs regarding mortgages. Thank you!- Your loan is sold as a security bond. secured by that specific residence. The owner of that bond is not the bank, it's some guy in china who wants all the money that his bond is worth. You will actually not be able to sell transfer le to new ownership till the previous mortgage holder is paid in full, so transferring the remaining mortgage balance to a new subject property is only shifting the debt. you still owe that bank the remaining balance. It also will not work because your new purchase loan best case scenario 97% LTV, of lets say 194K is secured by a home worth 200K. if you were to transfer a balance of even 10K that would bring the loan amount greater than the property securing it. Even if you only transferred a measly 2K to the new loan. a loan amount of 196K violates the guidelines restricting loan amounts to exceed our 97% FHA loan. Use the down paymenmt you were gonna use, and pay off the remaining balance if possible then get a high LTV purchase loan via FHA to purchase the new home
- The only way you can use money from the sale of your current home is to sell it above and beyond what the payoff is including Real Estate commission and all closing cost. If in fact you clear more than your payoff and all closing cost you can use those monies for a down payment on the new home. FHA home loans only require a 3. 5% down payment and the seller can pay up to 6% of your closing cost. Hope this helps
- No, you can not transfer anything. When you sell the townhouse, you have to pay off the mortgage on the townhouse. You should talk to your realtor and / or mortgage rep about this. Good luck
- No. Your current Mortgage must be paid in full so that ownership p es to the buyer and his lender. You then have to apply for an entirely new mortgage for the new home
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