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[quote=Anonymous]There is no such thing as bridge financing anymore.  We got a loan based on paying both mortgages (i.e. the bank agreed we could afford both assuming our old house didn't sell).  To pay for the downpayment, we bored from a HOLC on the first house (get it BEFORE you put your house on the market or apply for a loan).  Then we supplemented that with 401K loans.

We closed on our old house one week after closing on the new houses.  We paid off the HELOC and the 401K loans.  We had also broken the mortgage fro our new house into 2 (a 1st for 417 -- the highest without a jumbo -- and a 2nd, which was actually a HELOC on the second house).  We paid off the second HELOC and we have only the primary loan remaining.

Yes, it's risky, but we knew we could make it work for several months if we had to.  We also ended up taking less than we might otherwise have to get our first house sold.  I was still a very fair price, though, so we're ok with that.  We got an amazing deal on an amazing house for our new house, so we couldn't be happier.  You had to understand (which we did) that it's not risk free and you have to have enough float in case you can't sell right away (our old house sold after 10 days on the market and we had a very long closing time on our new house).

It's complicated.  Good luck![/quote]

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