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What is the Contingency Eliminator?
Most of the time if you already own a home, you need to sell it to move into another home. You've lived at your first home for a few years and built equity. This equity is what you need for the down payment for your new home. Traditional financing says you must sell your first home and have cash in hand before you can purchase the new home you want. When this happens, you place a "Contingency" offer on the new home. The offer is contingent on you selling your first home. Problem for you (the buyer) is if another offer to purchase your new home is presented, and the seller of that home says "Yes, I want to sell now", he doesn't want to wait for you to sell your home.
Contingency Eliminator pays off the loan on your existing home, combines that with the loan on your New Home, and your first year payments are interest only. When you sell your old home, the New Home loan pays down that amount, and the new loan continues for the New Home Only.
Contingency Eliminator allows you to purchase the home of your dreams without waiting for your old home to sell, take time to move, and fix up the home a little if needed.
 This Calculator will help you understand the total you'll have available for an Interest Only Eliminator loan. The "Amount available for a loan" must be greater than the "Sales Price of New Home". If not, additional down payment may be due, please contact us for more information. |
*Must qualify for loan, other conditions may apply. This is a general outline for the program, to start the process, please Apply for pre-approval by clicking here. This calculator and all info contained here is presented by Realty World Alliance and is for information only.
