2006-07-29 14:30:48 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
idk aska realator
2006-07-29 14:32:54 · answer #1 · answered by Niki 1 · 0⤊ 0⤋
The only issue that exists with an unsold home is your debt ratio. A debt ratio is based upon all the money you have coming in versus going out (mortgage payment, credit cards, other types of loans). By omitting your mortgage payment a loan officer can determine how much of a loan you can afford on your next house (because you will have paid off your mortgage when you sell your house). It is sometimes possible to afford two house payments, but usually pretty painful.
2006-07-29 17:18:24 · answer #2 · answered by linkus86 7 · 0⤊ 0⤋
u may want to talk to some lenders, i think there is something like a contingent (not sure if that is spelled right) ur house would have to sell first, but u may be able to get preapproved to find out what kind of next home to get. hope i was some help.
2006-07-29 14:35:26 · answer #3 · answered by koifishlady 4 · 0⤊ 0⤋
Depends upon your situation. If you're making plenty of money, you might qualify for both loans. If you're not making so much, the loan commitment will be contingent upon the sale. Of course there's always stated income, but you want to avoid that.
Pre-qualification is not something to sweat about. It's a product of clueless lazy listing agents. In reality, a prequal means zilch.
Preapproval is harder, but I really doubt that's what you're talking about.
2006-07-29 15:47:51 · answer #4 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
It will be approval pending. Or if you are saying that you will rent, then make a "lease" agreement. They usually offset 75% of the rental income from the debt ratio.
Some loans may require a sale before funding others may not, you need to ask easch lender before applying.
2006-07-29 14:34:59 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes...there are a few ways: a. "Bridge HELOC", b. lease the property you're leaving, c. get an exception IF the current home is escrow (but not yet closed)(which I've done successfully several times).
2006-08-01 20:58:04 · answer #6 · answered by rogerv_dotcom 1 · 0⤊ 0⤋
Yes, there are a number of ways to finance this...from a bridge loan to a second loan. Consult a mortgage specialist at your bank.
2006-07-29 14:34:56 · answer #7 · answered by bobsled 5 · 0⤊ 0⤋
are you working with someone on this? usually the realtor will guide you through this. if not you can find websites online that do pre-approval it shouldnt be that hard, because i wouldnt even begin looking for a house if i wasnt approved.
2006-07-29 14:33:37 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Ask a mortgage specialist. It all depends on debt, income, etc.
2006-07-29 14:34:04 · answer #9 · answered by Nelson_DeVon 7 · 0⤊ 0⤋