How to avoid a contingent offer to buy a new home without selling your current home first

Buying a new home while still owning your current home can be a challenging process, especially in today’s market. When you want to purchase a new home without selling your current home first, you may be required to make a contingent offer. A contingent offer means that the purchase of your new home is dependent on the sale of your current home. While this option may work for some, it can be harder to get into a contract, particularly in high-cost markets…
One pragmatic solution to this issue is to find a mortgage company that offers a unique product that allows you to purchase a new home without selling your current home first. New American Funding is one such company that offers a jumbo mortgage loan program that enables you to acquire a new home without selling your current home.
However, there are certain requirements to be met. You need to have enough down payment to acquire the new home without selling the other home. You’ll also need to sign an affidavit that says you’ll sell your current home after the fact. The best part about this program is that New American Funding won’t factor your current home payment into your debt-to-income ratio. This gives you more purchasing power and can make it easier to buy a new home. Another option offered by New American Funding is the NAF Cash program. This program can turn your financed offer into a cash offer, which can make it easier to close the deal and move into the new home. NAF Cash buys the house for you, and you can then move in and sell your old home while the new house is vacant.
This can make it easier to sell your old home since it’s not occupied and can be staged to look its best. When you find a buyer for your old home, New American Funding will originate the loan to acquire the house from NAF Cash. While these options can be helpful, it’s important to keep in mind that every real estate transaction is different. There may be some challenges that arise when purchasing a new home without selling your current home. However, having a creative and experienced real estate agent can make all the difference.
Your agent can help you navigate the process, find the best mortgage options, and make sure everything runs smoothly. When choosing a mortgage company, it’s crucial to find one with experience in these unique products. New American Funding has a team of experts who can help you find the right mortgage product for your specific needs. They can also help you understand the different requirements and ensure that you qualify for the program. In conclusion, buying a new home without selling your current home first can be challenging, but it’s not impossible. By finding the right mortgage company and having a knowledgeable real estate agent on your side, you can successfully purchase a new home without the hassle of a contingent offer. With the right approach, you can have your cake and eat it too – buy a new home without selling your current home first and enjoy the benefits of your new investment.
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