Can a second mortgage note on one house be used as a downpayment on another?
116895
Yes.  A second mortgage note can be used as a down payment.  As a matter of fact, anything of value can be used as a down payment as long as both parties agree.  A lot depends on the seller of the home you are buying.  If it is an individual that can sell with owner financing they may be flexible enough to take part of the down payment in cash and the other as a note.  Be sure to check with local real estate laws in your state.  Each state is different.  Get a good real estate attorney to represent your interest and draw up the papers.  You should be fine.
441241
Okay here we go.\n\nA 1031 exchange is a method of selling one house and buying another without being subject to taxes typically imposed.  It appears your buyer is in such a situation.  When he sells his property the proceeds go directly to the Exchange Company.  When his purchase of your home is to close the Exchange company uses these funds for his down payment.  The closing statement will actually show the exchange company as the buyer.  This is not a concern for you.  \n\nGenerally this purchasing method is used when a buyer is a real estate investor and he is exchanging one rental property for a new rental property.  Again, this is an outside issue and should not impact the sale of the home or hinder the proceeds you receive.\n\nRead the contract thoroughly.  If necessary have it reviewed by an attorney.  Based on what you have said it does not appear your interest in the property will be comprised.\n\nIf you have any-other questions feel free to contact me and if I know the answer I'd be happy to help.
396713
If you own a home get a second mortgage on your house. Ask the loan company to refinance for a lower rate
1008273
You can do a like-kind exchange, where you trade the property for another, and defer your gain until you sell the new property. The rules are complicated--you should talk to a CPA.
1130427
I bought my first house with the help of a first time buyer program.  I had to take one 2 hour course (free, all I had to do was show up & listen), and the county paid my down payment.  It showed as a silent second mortgage.  As long as I lived in the house, and did not refinance, I did not owe any money to the county.  When I did refinance I had the option of paying that money back or making payments just like any other loan.  I was able to close on that house for $300 out of pocket because of that program.  As another poster said, there are many programs out there.  Some will even offer very low interest loans to make improvements to your home after you move in.  Your Realtor or mortgage broker should be able to steer you in the right direction as far as what programs you qualify for that are available in the area you are buying in.
132693
Yes, you can.  Some lenders will actually lend up to 125% of the value of your home in first or second mortgages.  Keep in mind that the interest rates on these types of loans will likely be much higher than standard equity loans because of the increased risk to the lenders.  Generally, these lenders are not banks but finance companies.  Personally, I would wait until your house appreciates in value and/or you pay down your first mortgage OR get a non-equitized line of credit through your bank or credit card company.  MBNA and Capital One have accounts like these at reasonable rates.
321992
It is borrowing against the equity in your home you already have. If you have a 200,000 dollar house and you owe 80,000 on it, then you have 120,000 in equity. With a 2nd mortgage you can borrow against the 120,000 you have in your home as colatteral.\n\nIs it a good idea? It depends. You can usually get a better rate on a 2nd mortgage than you can with other kinds of loans. They are low risk loans for the lending institution-- they will take your house if you default. Thus, they can give you a better rate.\n\nIf you have quite a few working years ahead of you and feel you can pay it off, it might be a good idea. If you are nearing retirement, it might not be a good idea.\n\nIf you are going to use the money for a college education, it might be a good idea. If you are going to use the money for a weeklong cocaine and hookers binge, it might not be a good idea.\n\nOnly you can decide if it's a good idea or not.
477715
If your second mortgage is in foreclosure then there would be a lis pendens filed against your property, which prohibits the sale until the mortgage is either brought current or the property is foreclosed upon. You will have to call the company that you have your second with to find out for sure.
754394
yes you can. you just have to make sure that you can show the equity and the fact that you can make the payments on both of the loans.
962809
Go here for information on downpayment assistance for any state in the nation.\n\nhttp://www.downpaymentsolutions.com/type2.shtml
784350
not enough info....two loans? 1st and 2nd?  home equity etc. unless there is equity in the home that you can access, the only option is a personal loan  unless you sell the house and have it deeded in both names...a reverse mort might be an option, however, that is usually only avail to seniors.....you could do a promissory note and use purchase money mort as a way to have the one party buy even amounts...ask a real estate atty
696166
You can be forced to sell the one you live in to pay for the other one. The last thing you want to happen is have a house foreclosed on. Have you considered renting out the one that's for sale? You could have the renter paying your mortgage and taxes and then some.
124159
You can't.You may deduct the interest portion of the mortgage payment if you rent the house out.
780558
You can but why would you want to?  You'll end up owing the mortgage company money.
116424
There is no law against it .. however, it all comes down to the lenders individual guidlines. Your best bet is to have your LO look at the guidlines, and or contact the underwriters, and find one that will allow it. \n\nThere are alot of ways around this problem ... If you have a good LO he will know what to do.
660151
Yes, you will be able to get another mortgage, however you will pay a higher interest rate, larger fees and jump through more hoops to get it.
816976
Your downpayment is not deductible, however, any mortgage interest, discount points, and property taxes that you paid at closing are.deductions you may take on yor Schedule A thereby reducing your taxable income.