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Can I make a 2nd downpayment after closing when I sell my home?

I’m very new to this, but we just had an offer accepted on a house, we got a good price, but it’s contingent on us closing at the end of the year. We didn’t set any other contingencies.

Problem, given the timeframe, we def will not be able to sell our current home by then, which means we can put down about 10% now, but won’t be able to put down the remaining money after we sell our home which will probably be next year sometime.

My question… what options do o realistically have to lower the payments?

Can I do a second downpayment after our home sells?

If not, can you think of any other options we can consider to lower our payments since we won’t be able to put down 20% at the time of closing?

I want to note we can afford to carry two mortgages for the interim until we sell, question is lowering the payment due to putting 10% (conventional loan)

Thanks!

submitted by /u/taviyiya
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source https://www.reddit.com/r/RealEstate/comments/1gu4cgo/can_i_make_a_2nd_downpayment_after_closing_when_i/
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