Want to buy new home without selling current home - what are my options?

[tim2]

My current home is not selling but I want to go ahead and buy my new home.  My current home mortgage is only $60k and it is not currently under water.  My preference would be to refinance my current home to get that payment very low and then purchase my new home.  I know I can qualify for both mortgages and I can also afford both mortgages as they are now - but would like the first home mortgage to be even less.  Since my current home is currently listed I know a lot of banks will not refinance it.  But I read that for HARP you can refinance even if it is listed.  Does anyone know about this?  Also, I would welcome any suggestions on this process.   Should I refinance AFTER buying the new house, BEFORE buying the new house....etc.

Thanks

[webhopper]

How much is your current home worth vs how much is owed? Do you have 6 months of PITI sitting in a savings account or retirement account for BOTH houses? What % equity do you have in old house? What % are you putting down on new house? Will your DTI on the back end be able to support both house payments? These are all things we need to look at. I just closed on a new house, my old house is currently a rental. I had to be able to afford both payments on my back end ratio and show 6 months of piti for both before getting final approval to close.

[Anonymous]

Webhopper:

I am in a similiar boat as the OP. I would like to rent out my current home and buy a new one. I have the income to support the two mortgages. I also have 6 months of PITI for the two mortgages, in retirement accounts. My question is, how much of a down payment will the bank require? Will they settle for 3% or 5%. I am trying to get a feel of what down payment, minimum amount, is required for your loan.