Obstacle 04 · Approval
Will both homes keep me from qualifying?
Mortgage qualification considers income and obligations under the applicable lending rules. Tony can review how your current home would be counted while you buy the next one.
A different qualification treatment may be possible.
An applicable Guaranteed Backup Contract may help address how the current-home obligation is treated. That is different from funding the down payment or paying the actual bills.
A few things matter.
- Income, other debts and both homes’ housing obligations need to be reviewed.
- Program, property and agreement requirements determine whether a backup solution fits.
- A change to the lending calculation does not erase the current home’s ownership costs.