The short answer is yes but it does include some risk. If you buy a new home before you sell the own you already own, you may find yourself financially overextended. Consequently, If you sell your home before you close on your new home, you may need to rent during the interim. However, there are ways to successfully do both at the same time. Be sure to ask your realtor, your Personal Mortgage Advisor, and your attorney for more information related to your particular real estate transactions.

Typical escrow periods can range from 30 to 45 days but with US Mortgages, you can go from Application to Close in as little as 10 days! Having your required income documents (W2s, pay stubs, and tax statements) readily available can help expedite the process. Consult with your US Mortgages Personal Mortgage Advisor for more tips towards a speedy close.

The short answer is yes. However, qualification factors will be different depending on the loan program you choose. You should consult with a US Mortgages Personal Mortgage Advisor for more information.

It depends on your income versus your other financial obligations (debt). You can determine your purchasing power by using the US Mortgages Home Affordability Calculator. This will analyze your monthly income, living expenses, liabilities reported on your credit report (car payments, credit cards, etc.) and the amount of funds available to purchase (savings, gifts, etc.).

Several different factors are used. We suggest getting started by contacting a US Mortgages Personal Mortgage Advisor who can walk you through the qualification process for buying a home and answer any additional questions you might have including:

Get a Verified Pre-Approval:Unlike a pre-qualification, a verified pre-approval will look at your actual credit history along with verifiable income and assets to determine your true ability to repay a mortgage. Having a pre-approval helps you understand how much you can afford before you actually start looking for a home. It also carries far more weight than a pre-qualification in the eyes of a seller and can help you more effectively compete against cash buyers.

Find a Real Estate Agent: Find a real estate agent who represents the buyer and who knows the areas that you’re looking to purchase a home in. The agent advertising a property or working at an open house is usually the “Listing Agent” and represents the seller. A "Buyer’s Agent" works just for you, the buyer and represents your best interest in the transaction. You always want someone who will represent your interests as the buyer, especially in such a large transaction as buying a home.

Start Looking for Homes:Once you have your Verified Pre-Approval and have a Realtor, you can start shopping in your budget range, either through your agent or online. Think about how many houses you'll need today and how many houses you'll need in the future to determine the number of bedrooms, bathrooms, preferred location, size of the property and the style of home that you want. Compare neighborhoods, school districts, and compare the value for the money. Look at as many homes as you need to before making the decision to buy. A good real estate agent may also know about homes that aren’t even on the market yet. These are called "pocket listings" and you may be able to get the jump on your competition.

Down payments will vary depending on the loan program, your credit profile, as well as your income and asset qualifications. A down payment for a typical conventional loan may be 20%, however, there are programs like FHA that require as little as 3-1/2% down. If you're a veteran, you may be eligible to buy a home with zero money down and zero out of pocket costs. There are also down payment assistance programs like the US Mortgages Home. Made Simple™ where qualified borrowers can get up to $22,000 towards their down payment. Find out more by contacting a Personal Mortgage Advisor today.