I am selling my current home to purchase a new home. What documentation is required before I close on the new loan?
Answers | 1
September 29, 2015
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
Asked by donna
Answered by David Skow
Mortgage Professional in Seattle , WA
Thanks for your post .....your best 1st step will be to get a loan pre approval ...