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Reply to "How to swing a move to a move up house?"
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[quote=Anonymous]We managed to do it. We took out an interest-only home equity loan of $250K on our current house and paid off the remaining mortgage of $100K. So we were mortgage free but had a home-equity loan. By doing an interest-only loan it brought down our monthly debt to income ratio to a very low level allowing us to buy a second house. We then bought a second home using the $150K left from our home equity loan as a downpayment on the new home. We only did this knowing we could sell our first home very quickly after we moved in the hot NoVA market. And we also had plenty of emergency fund to carry us through a few months if necessary.[/quote]
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