Here’s the situation. One home is in CA and the 2nd is in FL. The 2nd home is near completion and in need to be financed. Home 1 will not be sold for 2 more years and Home 2 will have familyhouse sitting until the move. In essence, the homeowner will have 2 mortgages. Is there a orogram anywhere that can combine both mortgages into one? What would be the best financing scenario that would enable the homeowner to get the lowest possible monthly payment–that is either for just Home 2 since Home 1 has a pretty new interest only loan.
So the florida home has to be refinanced or needs to be purchased? Its not possible to combine them into one loan. Although if you have tons of equity in the cali home you could pull that cash out and pay cash for the florida home or put a large downpayment on it.
Or if the florida home is already purchased, you could take cashout on the ca home if available and payoff or paydown a large amount on the florida home. Im being optimistic and assuming the ca home has alot of equity.
There are other options as well that get a bit creative, feel free to email me…