I own a home outright. I would like to buy another home. How much cash or what percentage would I have to put down to not impact the lien-free status on my existing home?
Different banks, different lenders, different deals, can all change this equation. If the bank is selling a repossessed home as an example, they may be more apt to be flexible and take less money down. This could also be the case in an insured loan. I have seen many VA repossessed homes being sold for no money down. The credit qualifications of the borrower and terms of the sale will definitely impact this as well. The terms we mention are the price of the home, its value, how long the loan will be for, as well as the sales market you are in.
There is no answer without more specific terms. One point we're making is that two lenders in your area may have different loan programs and different answers for you. Our recommendation is call a lender or two of your choice and see what they can do for you.
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Different banks, different lenders, different deals, can all change this equation. If the bank is selling a repossessed home as an example, they may be more apt to be flexible and take less money down. This could also be the case in an insured 