I need $$$$$

[oklahomajewel]

The house is going up for sale, I have $40K in equity, already have a very good condition, just right for me, good neighborhood FSBO and want it - he's asking only $55900. I'm already approved for a loan at the Bank of Oklahoma, but they don't do bridge loans.

So how can I get $$$$$$ quick so I don't loose the deal on this little house !!!!!! ?????

....besides the lottery.....

[mikeschn]

Marry someone on the forum?

[Miriam C.]

Marry someone on the forum?

If we all come to the wedding and give a cash gift you might get there but if you marry you will need a bigger house.

Seriously perhaps the current owner will finance until your house sells or try another finance company. Not necessarily a bank.

[doug hodder]

Julie...you might want to get with a qualified mortgage broker, they are typically more creative than a bank, that ought to be a doable thing, do you qualify for a stated income type loan? My bank played real hardball on the first go around on some property in Oregon, I went shopping, they came back a week later with a much better deal, but it still wasn't as good as I got from the mortgage broker, I reminded him that he had said it was the best they could do, "so what's up now?" I didn't get a very good answer...Doug

[Podunkfla]

Julie... It sounds like the new house may be well below market value? If so, maybe offer the owner $57,900. for it if he will give you a 6 month option at that price? He makes a few more bucks, you get the house with very little difference in payment. Or... Try some other banks and lenders, but tell them you are buying it as an investment. Don't mention selling your house? Or... If there is a Realtor involved? Ask them if they know a lender that could help you? I've even had Realtors delay their commission AND lend me some cash to close a deal! They often know mortgage brokers and good bankers... helps them make many sales to have connections. Or... Get a $20,000. second mortgage on your house? Then buy the new house with $20, 000. down and get a mortgage for $35,000. (with no pre-payment penalties) and buy the house. Keep looking around at other banks & lenders... Someone wants to make you a loan, you just gotta find them.

Obviously, some of these ideas could put you in a double payment situation. If you can handle it, sometimes it is worth the gamble, if it is a good enough deal? And, you could rent the new house to help make it till you sell yours. I have done some pretty wild things to make a deal work in the past.

I hope you get it.

friend ~ Brick

[Elumia]

Do you have a 401K? You can borrow the money from yourself. You can get out money from your 401K to buy a house. you will have a loan to yourself that you can pay back when you sell your other house. Sounds to me you have plenty of assets to make it happen. You only need to put 20% down on the new house so like Brick says, take out a 20K second on your house to buy the other. keep enough funds so you can pay the double payments for a while.

Having a mortgage will save you some money on income taxes. Make it shorter (10-15 yrs) so you save money on the interest you pay.

You can make this happen.

Mark