I found a new co-op apt that I would like to put in am offer. I am immediately putting up my current co-op to sell. I can carry a mortgage on the new place with ease but the potential problem is that I was told I need to secure a mortgage for the new apt in case there is a gap in the buying and selling. I am planning to put down about 50% on the new place but two-thirds of the down payment will be... [more]
I found a new co-op apt that I would like to put in am offer. I am immediately putting up my current co-op to sell. I can carry a mortgage on the new place with ease but the potential problem is that I was told I need to secure a mortgage for the new apt in case there is a gap in the buying and selling. I am planning to put down about 50% on the new place but two-thirds of the down payment will be coming from the sale of my current unit. And to take out a second mortgage would send the debt to income ratio to an uncomfortable percentage. Of course this would only be if there is a small gap between selling current unit and purchasing new unit. Additionally my current apt is in great shape with new bath and kitchen.
I have excellent credit, no debt and a salary that will be more than able to handle the new mortgage. So my questions are: Is there a way to get a second mortgage that would only be a lending risk for the short gap. Can anyone recommend a really good mortgage broker and how did other people handle this situation. I really do not want to lose this new apt.
Thank you.
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