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crystal ryberg Asked:

I want to buy a home that is being sold as a bank owened property.. it is through a realestate co. I am in the process of trying to sell my first house but this is a short sale on the other ... I dont have money for a down before sale and they wont do a contingant. could I get a second morgage to cover it? we owe 141,000. ( worth 160,000-180,000) on my home now, the other home is only 92,000. we could afford both morgages untill the sell of first but like I said no money for that down... and how to get anouther loan still oweing on first. what are my best options?? [Sacramento CA]



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Answer Provided by: Guy Knox [10/30/2008]

Hi Crystal, It appears by how you describe your situation that you may think about receiving a Gift for down payment, FHA Financing only requires 3% for down payment and the funds can come from various sources.