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Posted by Peter on November 8, 2005, 10:32 am
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Are you building the home yourself or is the development building the home?
Did you try more than one mortgage broker? Why are you moving?
You should be able to purchase the new home contingent on selling the old
home.
Where's the delay? Modern construction is based on timetables. A
contractor should be able to tell you within two or three days when a home
is ready for occanpancy.
My feeling is that you do not have the right information before you. Forget
the no-doc loan.
PMT
> Hello group!
>
> Looking for some advise or maybe just an opinion from the pros in this
> group.
>
> Trying to buy (build, actually) a house in a development that's about 800
> feet from where I live now. One of my ideas is to settle on the new home
> BEFORE selling the one I live in now.
>
> With the house delivery date being kind of soft (30 days window being
> promised, but I guess, 60 days delays can also be expected) and with the
> new home being in such close proximity, I thought it would make it a
> little easier on my family if we live in the current home until everything
> is ready to go in the new one.
>
> Problem arose when trying to apply for a mortgage. The broker is pretty
> much saying that the sale of the current home is mandatory, and I have to
> settle on the old house before the new one. This is a deal breaker for me.
> I do not want to move to a temp place, and renting it back from the buyer
> will limit my chances of selling on this, already cooling off, market.
>
> The broker is saying that the problem is not paying two mortgages for few
> months (which is also tough to approve, although I can temporarily afford
> it) but the liability of the first mortgage. Unless I did not understand
> the explanation, it seems like having the additional liability of the
> first mortgage will not allow any lender to lend me money, no matter if I
> can pay monthly or not.
>
> Someone had mentioned no-doc mortgages to me. I don't know much about
> them, but it sounds like no-doc would mean that no other mortgage will be
> taken into consideration. Is this an option for me? Well, is no-doc my
> ONLY option? I understand that those are more expensive mortgages (how
> much more?), but I would be re-financing it right after the sale of the
> current home. Hopefully within 4-6 months. Is there something wrong with
> this plan?
>
>
> Cheers!
> D.
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