You will still be able to get a HELOC (although much smaller and after the 6 month wait period).The one challenge is, depending on where you are, it is sometimes tough to finance smaller mortgages (less than 50K), but working with local bankers is the key to overcoming this (it sounds like you have a banker that will work with you).

But, this particular banker only asked for the basics (but very thorough) and she was very interested about my history and plans for the future.If anyone has any "red flags" or "best bets" that I should be aware of I'm all ears.Thanks in advance and hopefully this little post is formatted in an understandable manner-MF

My banker and buyer are both aware of each other's mortgages.

The banker will know immediately if you have the financial strength for a loan or even if you may qualify for a fannie (15 - 30 year loan).Monty

Coldwell Banker-foremost of Waterford, WI, is a very difficult agency to deal with.

How would I approach MY banker with this deal?

A knowledgeable banker should be able to take your details and determine if this is an option.Good Luck.

Part of it is the bank, and part of it is the banker.

This was probably 8-10 yeas ago, maybe things have changed or maybe the banker shoehorned us into a loan that worked best for them.

If financing is a risk, I'd talk to your banker first.