I am selling my current home to purchase a new home. What documentation is required before I close on the new loan?

Asked by Erin

1 Answer

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Answered by Ted Rood, Mortgage BrokerPRO+ in Maryland Heights, MO
Congrats on your pending move, Erin.. If your debt to income ratios qualify with both homes, and your down payment funds are not the equity in your current home, no documentation of the sale of your current home should be required. It's probably more likely you're using some of the existing equity for the down payment, and in that case, your new lender would need proof your current home sold and you received the proceeds at or before closing on your new home. Hope that helps! Ted | 09.29.15 @ 20:18
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$commenter.renderDisplayableName() — {comment} | 12.09.16 @ 07:59
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Answered by

Ted Rood
Ted Rood, Mortgage BrokerPRO+ in Maryland Heights, MO