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Looking for advice; buying new home with cash/current home as collateral?
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We purchased a house 2 years ago in PA. We would like to sell and buy a house in NC where most of our family lives. We own the home we are in (worth about 100k) and we can afford up to a 30k down payment. Our credit is absolutely horrible. Is there a way we could use our current home as collateral to purchase the house we want and use the sale of the current house to pay the difference? For all intents and purposes, the new home won't exceed the value of the current home plus liquid cash.
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- 2 years ago
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