BUY NOW SELL LATER
Buy Before You Sell Loan Program
With our new Buy Before You Sell loan program, you can buy your next home and move into it before selling your current home. You no longer need to move twice, to make contingent offers, or to show your current home while living in it!
How It Works
3 Easy Steps
-
Unlock Equity From Your Current Home
Our program allows you to borrow equity in your current home at 0% interest to use as a down payment on your next home purchase.
-
Buy Your Next Home With Confidence
Because you can make an offer on your next home that doesn’t include a home sale contigency, you can negotiate the best possible price and contract terms.
-
Move Into Your Next Home & Then Sell Your Current Home
Move into your next home and then list your current home for sale. You’ll only move once and won’t have to live in your current home while it’s on the market.
Program Benefits
Explore some of the many great benefits to our Buy Before You Sell loan program!
-
Unlock Equity
Access equity in your current home to use as a down payment on your next home.
-
Move Once & Avoid Showings
Move into your next home right away even before selling your current home, and avoid having to show your current home to prospective buyers while living in it.
-
Maximize Sales Price of Current Home
You’ll have plenty of time to sale your current home for top dollar instead of trying to sell it within a contingency period.
-
More Negotiation Power
You’ll also have more negotiation power when making an offer on your next home because you won’t need to make the offer contingent on the sale of your current home.
-
Guaranteed Sale of Your Current Home
You’ll have a guaranteed backup offer in place if your current home does not sell within 120 days.
FAQs
Answers to commonly asked questions about our Buy Before You Sell loan progam.
How much does the program cost?
It's free to get started and to see how much home equity you can unlock from your current home. If you decide to use the program, there is a flat fee of 2.4% of the sales price of your current home ($9,000 minimum). The fee is due when your current home is sold. There is also an inspection fee of about $900 along with a closing services fee of $1,450.
However, if you use your own funds for the down payment on your next home and only need our program to solve your debt-to-income ratio problem to be able to qualify for two homes at the same time, we will reduce the program fee to only 1.5% of the sales price of your current home ($7,000 minimum).
Do all homes qualify for the program?
Most homes qualify for the program assuming they are in relatively good condition, not extremely unique, and are located within a reasonable distance of a major metropolitan area. Homes must be between 750 to 5,550 sq ft and be located on 5 or less acres of land. Manufactured homes, homes in age restricted communities, and homes that are undergoing major renovations do not qualify. Single family residences, condos, and townhomes all qualify for the program.
What happens if my home doesn’t sell within 120 days?
If your current home doesn't sell within 120 days of purchasing your next home, it will purchased through the program and your existing mortgage will be paid off. Your home will continue to be marketed for sale by your listing agent, and when it sells, you will keep 100% of the net proceeds after deducting the program costs and any holding costs incurred during that time period.
How am I able to qualify for two homes?
Because you have a guaranteed backup offer in place to purchase your existing home if it doesn't sell within 120 days, the liability of your current home will not count against you when qualifying for your next home.
How do you determine how much equity I can unlock?
The amount of equity you can unlock is determined by evaluating your home's value and current market conditions. Typically, the program lends up to 70% of the loan-to-value of your current home.
For example, if the market value of your current home is $500,000 and the remaining mortgage balance for your home is $250,000, you could unlock $100,000 in equity to use as a down payment on your next home purchase. ($500,000 * 0.7 - $250,000)
Equity unlock is limited to $2M.
How long does the process take?
Once you submit your loan application and provide the necessary property photos, we can typically issue a pre-approval letter to you within 24 hours, allowing you to proceed swiftly with the purchase of your next home.
Interested in Learning More?
Request More Info
Client Testimonials
I am happy to wholeheartedly recommend Shay Wright with Home Financing Direct! He answered all of my questions and gave quality mortgage lending advice to my family. I would absolutely use Shay’s services again and have no hesitation recommending him!
I worked with Shay Wright to buy my first home and he was genuinely awesome. Shay was great at answering everything I asked and explaining to me how things worked. I shopped around a little for rates and these guys were able to provide me with the best ones.
I recently refinanced with Home Financing Direct. The whole process was great! No surprises, great transparency, and a very simple process from start to finish. I was able to quickly secure a new home loan at an amazing rate! I would definitely work with them again.
Shay has been excellent in working with me right from the beginning. I felt he didn’t look my refinance as another file but took personal interest in advising me the best route. He also locked me on excellent rate where corporate banks were about 0.6 percent higher.
Very Professional, Shay Wright got me the best deal, I would highly recommend. I was stress free throughout the whole process and whenever I had a question he would respond right away. He is very knowledgeable and really knows what he is doing. I value his kindness, honesty, and hard work!
Shay Wright worked with us to qualify for a mortgage, gave us a great rate and was helpful from start to finish. Shay was available to give guidance and to answer questions, even during evenings and on weekends. I highly recommend you consider working with Shay.
Shay is so professional and responsive, he answered all my questions with patient in detail. Rates that he is offering are so competitive. He is the key to my recent real estate transactions.
I was impressed with the professional and responsive communication, which made the whole process painless. We locked in a great rate quickly and Shay kept us informed ever step of the way. Better rates without all the headaches!
We had a very positive experience with Home Financing Direct. Our representative, Shay Wright, was the best we could have asked for. He was very informative and helpful throughout the entire process. I’d highly recommend Shay to anyone looking for home financing.
Shay was a pleasure to work with! He was professional and responsive, and I felt like he did a great job communicating. He proactively communicated about every step of the process, and was fast to answer any questions. Highly recommend working with Shay @ Home Financing Direct!
Had a great experience with Shay. He was always responsive and answered any questions I had. I was very happy with the process and got it done in my required timeline. All paperwork was submitted electronically using secure portals. All very professional and safe. I got a really good interest rate to boot.
I had multiple pre-qualification letters from several lenders but specifically wanted to work with Shay because of his responsiveness and low closing costs. He was extremely patient throughout the process and truly had our best interest. I will be working with Shay again in the near future. thanks for all your help!
We just closed on a refinance with Shay Wright, in under 15 days for an immaculate rate w/o buying points. Also as a plus the closing costs were low. Shay was the epitome of a professional and would recommend him to anyone looking for a Refi or to buy a home.
Amazing communication and fastest loan process ever! I've gone through a few home mortgages in my life and this was by far the fastest. Even more amazing was the speed during Covid-19. I have friends that were going through loans/refi's that were taking 6+ weeks. Mine was literally closed within 2 weeks! Highly recommend
Thanks so much Carol! It was a pleasure working with you as well, and I really appreciate how responsive you were when I needed a document from you. That was very helpful. I hope y'all enjoy your new home, and I look forward to hopefully working together sometime again in the future!