Finding the next home before the current one sells can be convenient, but it creates questions about qualification and cash. If you plan to buy in Stone Mountain, tell the lender about both properties early. A listing agreement or expected sale price is not the same as completed sale proceeds available for a purchase.
Explain the current property’s status
Tell the loan officer whether the house is merely being considered for sale, actively listed, under contract, or already closed. Provide the records requested for the relevant stage. Fannie Mae’s guidance distinguishes how other real estate affects qualification. Do not assume the lender can ignore a current obligation because you intend to sell soon.
Review how both housing obligations are evaluated
Ask which payments must be included and what documentation might affect the calculation under the proposed program. The answer depends on the transaction and applicable requirements. A signed sale contract may still have unresolved conditions. Let the lender identify what is needed instead of applying a broad online rule to your file.
Separate expected equity from available funds
Ask how anticipated proceeds would be documented and when they must be received for your planned purchase. Include the current payoff and estimated sale expenses in your own planning. An asking price does not establish spendable equity. If the purchase depends on a particular net amount, explain that dependency before setting contract dates.
Build an overlap budget
Estimate the cash required if the sale is delayed, the homes close in a different order, or you need temporary arrangements. Include maintenance, insurance, utilities, and moving costs alongside loan payments. Ask how much reserve is required for the mortgage and decide what additional flexibility you want personally.
Should you make the purchase contingent on the sale?
Discuss contract choices with your agent or attorney and the financing implications with the lender. A contingency, a separate funding plan, and delaying the purchase involve different tradeoffs. Do not assume a proposed solution is available or appropriate without review. Choose a sequence that fits documented financing and realistic timelines.
Discuss your next step with Reliant Mortgage
Contact Reliant Mortgage before making a Stone Mountain offer if you still own another home. Share the current sale status and funding plan so the mortgage review can account for both sides of the move.
Contact Reliant Mortgage about your financing questions.
Helpful resources
Loan options and availability depend on borrower and property eligibility, program requirements, and underwriting. This article is educational and is not a commitment to lend.
Reliant Mortgage | NMLS #1075152 | Georgia License #143255 | Licensing information