requirements for purchasing home before selling current one?

[peepers]

We'd be going VA. Current home owned by my husband (bought before me so Im not on loan), and he still owes on it. We'd like to purchase another home together to move to, leaving his house unoccupied and much easier to do repairs/upgrades to, then put on market. Would new lender require refinancing his house, or how does that work. Besides needing to qualify financially for the amount of both......what are other requirements for this situation?

[ezdriver]

You have to qualify for both mortgages in order to buy while continuing to own current home. This is a common scenario and I see it on a regular basis.

[Anonymous]

Wow you rebuilt amazingly can you give me some advice?

[peepers]

MsW....I will Private message you sometime today...........to the other responder, will they refinance the existing home? Or just leave as is, and prepare a loan for the other home? And do we need any additional reserves in savings to carry both as opposed to one?

[peepers]

anyone else ??

[ShanetheMortgageMan]

Do you have a VA mortgage on the other home?  If so, how much remaining entitlement does your husband (or you, whoevers entitlement you will be using) have left?

What county/state are you buying in?

[peepers]

His current home is not a VA loan as he purchased it prior to joining army. We are in Iowa

[ShanetheMortgageMan]

Nothing should need to happen with the existing mortgage then.

[peepers]

Ok so he would keep that loan seperate and it would factor into his debt ratios when we apply for a separate loan together?

[ShanetheMortgageMan]

That is correct, it'd factor into your total debt ratio between the two of you.