[Nathans_Dad]

The wife and I are getting ready to move in 5 months or so. I have done some preliminary looking and got pre-approved from a couple of companies. Here is my issue:

We do not have enough in savings to cover the downpayment on the house. We are looking at doing an 80/15/5 or 80/10/10 which means we would have to come up with 5-10% of the purchase price as a downpayment at closing. This would amount to somewhere between $20-40K depending on the price of the house. We will certainly have that much and more once we sell our current house, the issue is the possibility of a couple weeks between closing on the new house and closing on our current house.

I talked with one of our mortgage officers and they do offer a plan to cover the full 100% of the price, but they charge another 1.25 points to do so!! That is a big chunk of change for a 2 week loan.

Anyhow, what are the usual options for this? I can't imagine I'm not the only one who is selling a house, moving into a new one, planning to use proceeds from the sale of the old house to pay for the new one, and doesn't happen to have $50k lying around in a savings account.