If you're looking to buy a new home before you've sold your old one, the Home-To-Home® Loan program keeps things moving.
It enables you to use the equity in your existing home to purchase a new home – that's even before you sell your existing home. You avoid having to use a "contingent on sale" clause on your offer to purchase – putting you in a better position to buy the home you want.
Program Highlights:
- Easier qualifying. Since you are already in the process of selling your existing home, you may only have to qualify for the loan amount on your new home.
- Easier budgeting. You'll save with a blended interest rate, no tax and insurance escrow, and interest-only payments.
- Low closing costs. You'll need less money up front.
- A streamlined application process. You'll save valuable time.
Benefits on your Existing Home Loan:
You can pay off your existing loan balance and take cash out of the equity in the home to provide your down payment. Or, you can simply borrow on the equity in the home up to a maximum Combined Loan-to-Value of 80% (75% in Indiana, Michigan and Ohio).
You may be able to save further with our forgivable third mortgage **
Either way, you'll benefit from:
- More time to sell. With a two-year balloon payment*, you'll have plenty of time to sell your home.
- Lower monthly payments. The interest-only payments will keep your monthly payments lower.
- The assurance of a fixed rate. So you won't have to worry about market movements.
- Closing cost savings. You can choose a first or second lien to help you save on closing costs.
Benefits on the New Home Loan:
On your new loan, you can choose from a fixed rate and a variety of adjustable-rate programs on loans of up to 95% Loan-to-Value (LTV) on your new home. Other special features include:
- Lower monthly payments. No mortgage insurance is required on combined loan amounts up to 95% LTV.
- The option to build a home. The Home-to-Home® Loan can be used for construction/permanent loan financing.
- Our Home-To-Home® Loan is just one of the many ways Citizens is committed to helping you meet home ownership goals.
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