I'm not sure if this is even possible anymore but thought I would see if anyone has had some recent experience.
Want to buy a new house before we sell the old house. To make transition easier now that we have a kiddo. (and avoid renting for a short period of time) We have enough cash for 20% down on a home at the price point we are looking for. The sale of our house will net us at least another 20% in cash. So, if we want until after selling, we would have ~40% total down and ~60% mortgage. Is there a way to do this in a 60-20-20 or are bridge loans a thing these days? (Assuming we get approved on our income)
I know recasting is also an option, do 20-80 traditional and then do a lump sum + recast request with the proceeds from the house sale.
original posted by cyndessa to r/personalfinance on Sun, 10 Mar 2024 15:11:18 GMT.