How to buy your next home without selling your current home first with New American Funding

New American Funding is a paid advertiser of Sonoran Living Live

Home values have increased and many homeowners are ready to become a "Move-Up Buyer", purchasing a larger home. This increase in value has provided home equity which can be used to purchase the next home. Often homeowners do not want to move twice or are concerned how they can obtain a mortgage to finance the next home while still owning their current home.

New American Funding offers an 80/10/10 Move-Up Buyer Program which meets several goals for the homebuyer; low down payment of 10%, an 80% first mortgage with no mortgage insurance and a Home Equity Line of Credit (HELOC) as the second mortgage. This program is structured to allow homebuyers the opportunity to qualify for a new home mortgage before selling their current home.

The Move-Up Buyer Program creates a mortgage plan to allow the homebuyers to move into their new home, sell their previous primary residence and then use the proceeds of that sell to pay off the HELOC. Structuring the new purchase with this program helps the homebuyer to get the offer on the new home accepted, because they are not submitting the purchase offer contingent upon the sale of their existing residence.

If the homebuyer does not have the liquid funds for the 10% down payment, in some situation they may be able to obtain the down payment funds from their retirement accounts - whether it is a loan from their 401K or a distribution from their IRA accounts. Many retirement accounts will allow loans (401Ks), or distributions (IRA) with no penalty, if the funds are re-deposited within a set period, such as 60 days. This strategy allows the homebuyer to purchase the new home, sell their current home and then pay off the retirement funds used for the 10% down payment along with the 10% HELOC, which was used to alleviate the cost of mortgage insurance on the loan when over 80% of the value of the purchase price.

New American Funding, NMLS #6606, is a Fannie Mae and Freddie Mac Direct Seller/Servicer, FHA Direct Endorsement - HUD Approved, and VA Automatic mortgage lender. The company is licensed in 33 states including Arizona, BK #0912376, with a local branch in Scottsdale, Mesa and opening soon in Fountain Hills and the West Valley. Lisa Amato, NMLS #249826, is a Senior Mortgage Consultant with 21 years of experience in finance and mortgage lending. Amato will provide options for your next home purchase or refinance, serving as your resource for information and guidance through the loan process, ensuring that all of your questions are answered while helping you achieve your goals.

New American Funding
(480) 244-6490

New American Funding is a paid advertiser of Sonoran Living Live

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