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Real Estate
Reply to "How to buy a house without a contingency of selling our current home"
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[quote=Anonymous][quote=Anonymous]OP here. Only just found the thread again as out was erroneously moved to real estate. It's a money question and I'm asking for it to be moved back. I'll look into this. I thought 401k loans were limited to a small amount, like 50k. We'll need to find a way to borrow soothing like $800k, at least temporarily, then have a mortgage of about $150k. To the PP who suggested the contingency, you missed the point. To buy in our target neighborhood, routinely all contingencies are waived. [/quote] Why do you need 800K? You only need enough for the down payment (I am assuming 20% or so), and you would get a mortgage for the rest, right? I don't see why you would not get approved for a 660-700k mortgage, considering you have that much equity in your curent home. 800K in your 401k would certainly be enough to borrow sufficient funds for your down payment.[/quote]
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