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Want a mortgage for a new home but my current home hasnt sold yet

I still owe about $50,000 on my old home, need to sell it ASAP. because if i see my ideal house on the market, i want to buy it and move permanently to the second house. what type of mortgage should i get? my fico score is 790 by bclayton28017 from Little Rock, Iowa. Apr 7th 2015 Reply


Several variables here to consider depending on equity in current home and whether you can afford both payments and qualify. Feel free to reach out to discuss!

Apr 7th 2015
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Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

Can you afford both payments? Will your debt ratio support both payments? Do you have money to put down on the new home without selling your current one? If not, how much will you have available to put down once your home sells? You have good credit so that definitely makes things easier and allows you more options to choose from. Lots of things to discuss. I'm available any time. 563-324-9937. Todd Tholl

Apr 7th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

Really depends on how much cash you have to work with until it sells and, as questioned above, whether you are comfortable making both payments. We do that all the time, but the details of your qualifications and comfort make a difference.

Apr 7th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

More info would be needed to properly answer your question, but in general, so long as you have sufficient income to service both mortgage payments along with all your other debt, you should have no problem.. If you haven't already, you should contact a local mortgage professional and let him look at your complete loan profile.. he should be able to advise you properly once he see's everything.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Apr 7th 2015
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Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

If you can qualify with BOTH mortgage payment, you should not have any problem.

Apr 8th 2015
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