Did you know that even if you have money for a down payment it doesn’t necessarily mean that you can make an offer that is not contingent on the sale of our current home?
Often people don’t realize that there’s more to it than having the money for the down payment. Lenders require documentation of where the money is coming from (if it’s a loan or a gift) and you need to qualify to carry both mortgages and the HELOC (if there is one). Even if you are ultimately selling your current home.
The best thing to do is to speak with a lender early on in the process, just so all i’s are dotted and t’s crossed. I work regularly with the Weichert Financial rep in my office and I have an excellent Wells Fargo rep as well. Contact me and I’ll put you in touch with both reps.
Also know that I have had recent success with contingent offers – so if that’s they way to go, I’ll present any offer as if it’s the best one the seller will ever get!
