House Rich, Cash Poor? Here’s How to Buy Your Next Home Without Selling First

The average American has over 70% of their personal wealth tied up in their home, so if you’re feeling “house rich, but cash poor,” you’re not alone. 

 

If you’re worried about selling your current house before finding or qualifying for a new one, there are ways to quickly access your home equity, secure your down payment, and find a buyer who’s willing to wait while you find your new home. 

 

Buy Now, Sell Later with Home Sale Assured

 

Perhaps you’re an empty-nester looking to downsize or move into that incredible active adult community, or your family is growing and you need a bigger place, but you’re worried about juggling two mortgage payments. 

 

Home Sale Assured offers a way for current homeowners to qualify for a mortgage on their new home without selling first by helping to secure your down payment and even a buyer for your current home who’s willing to wait until you find your next place.

 

Reduce the stress from the buying and selling process by securing the option, but not the obligation, to sell your home via Home Sale Assured. 

 

This program offers a Guaranteed Backup Contract (GBC) that ensures the home remains under contract while providing you the opportunity to accept higher offers and cancel the GBC within 90 days after you close on your new home. 

 

“Bridge the Gap” Between Your Current and Future Homes

 

Used to “bridge the gap” between your current and future homes, a bridge loan is a short-term product that allows you to buy a new home while still owning your old one.

 

The term “bridge loans” can refer to a suite of mortgage products, and the best fit for your needs will depend on several factors, including your financial profile, how quickly you need the funds, and the amount of equity in your current residence. Common options include traditional bridge loans, cross-collateralization, a home equity line of credit (HELOC), or opting for increased financing on your new residence.  

 

Quickly Access Your Home’s Equity with NFTYDoor’s HELOC

 

If you’re looking to buy a new home but need access to your current home equity to qualify, we have a solution that can be paid off when you sell your current home. 

 

NFTYDoor is a direct lender of Home Equity Lines of Credit (HELOCs). A Home Equity Line of Credit (HELOC) is a loan that allows a homeowner to access their home’s net equity.

 

NFTYDoor loans can be used for the following:

 

> Financing another property
> Financial management 

> Major purchases

> Tuition

> Home improvement projects

> And more

 

Program Details 

 

Digital home equity loans offer the following benefits: 

 

> Fast and simple process

> Able to provide approval in minutes 

> Cash in hand in 7-10 days

> Easy application with limited documents required

> Good for funding home improvement projects without needing an appraiser 

> Up to $350K*

 

Eligibility Guidelines

 

Single-family homes, investment properties, townhomes, planned urban developments (PUDs), and most condos and 2-4 unit properties are eligible. 

Borrower must meet credit, income, and CLTV requirements 

 

* Certain states may have certain rate, term, and guideline restrictions. Additional title work may be required.

 

Closing Thoughts

 

Don’t let your current house keep you from your dream home.

 

It’s possible to sell your old home and buy a new one without facing qualification or timing challenges, and it’s important to become familiar with the differences between each alternative. Give us a call or visit us online to learn more about our mortgage solutions, including Home Sale Assured, NFTYDoor’s HELOC, or a combination of these two programs today.