Getting a mortage preapproval before selling current house?

[Anonymous]

We have a mortgage on our current home. We want to put an offer on a house we like. But we need a preapproval before submitting an offer. We need to sell our current house. Can we still get a preapproval for the new house?

[ShanetheMortgageMan]

Yes you can get a pre-approval for a new home.  Unless you can qualify with both mortgages in your debt to income ratio, the pre-approval would be contingent upon you selling your current home before/simultaneously with buying the new home.

[Anonymous]

Shane thanks for the reply, how are is it to qualify for the, FHA 203(k) loan  loan?.

[ShanetheMortgageMan]

As long as you have a willing seller, and your real estate agent helps you with your value estimates correctly, it's not that difficult of a process.  If the seller isn't willing, you can always buy the home with a regular FHA 203b loan and then refinance into an FHA 203k loan.

[DallasLoanGuy]

Qualifying for 203K is same as 203B.... except for the the property issues.

[Anonymous]

Does the house still have to pass FHA inspection inorder to get the loan to fix up the house? The house im looking at has a bad roof. If I take out the loan to fix the roof will FHA be ok with that?

[DallasLoanGuy]

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Badcreditguy wrote:

Does the house still have to pass FHA inspection inorder to get the loan to fix up the house? The house im looking at has a bad roof. If I take out the loan to fix the roof will FHA be ok with that?

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depends on lender. some will, some wont.

1. appraisal is done 'subject to completion'

2. 203k may not be necessary if you use the right loan officer. somethimes we can do 'subject to' deals on the 203b and you do not suffer the extra fees and rates that the 203k entails.