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Conditional Loan Commitment

Mortgage Library: Ask a Mortgage Related Question: Answers: Conditional Loan Commitment

Question:

I currently live in Florida and own a home here. Due to my desire to be closer to family members, I am planning a move to the Sioux Falls, SD area. I will be putting my Florida home on the market shortly and am quite sure that it will sell quickly.  I have a 1st and 2nd mortgage that will obviously be paid off with the proceeds of my house and I also have some credit card debt that I would like to take care of as well. This will leave me enough for a small down payment on a house. I have found a home that I am interested in, in the high $80's, but am unable to obtain a loan until I've secured a job in that area. I am a single mother and am trying to coordinate everything prior to my move. Is there any type of loan that I may qualify for at this time? I.e. No Doc, Stated Income, etc? I have very good credit and anticipate having a job before I move to South Dakota. However, since my move is not planned until lat July, it would not be prudent for me to start my search at this time.  Is there any such thing as a "conditional loan commitment" or something along those lines that would help me bargain in the purchase of a house? I appreciate any suggestions you can give in this matter and look forward to your earliest reply.

Thank you,

C. F.
West Palm Beach, Florida
Sioux Falls, South Dakota

Answer:

Yes, there is such a thing as a conditional prequel, and we do offer it to potential homebuyers. I would need to question you a bit more, though.

Jerry Goldfarb
954-422-8441


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