Nov 062015

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By G. Steven Bray

In today’s housing market, you need to act quickly when you find a home you want. This can put you in a bind if you need to sell your existing home so you can afford a new one because if your existing home doesn’t sell first, your income would have to be sufficient to support both housing payments.

But a recent change in loan guidelines could help. If you have an executed contract for the sale of your existing home, we can exclude your current housing payment no matter when the sale will close. If the contract includes a financing contingency, we will need a loan approval from the other lender to satisfy the guideline, or the buyer can waive the contingency.

The same change applies if your employer is relocating you and has a relocation plan that covers your existing mortgages.

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