Fannie Mae will allow a borrower to close on their new property when their former residence has not closed yet, and not count the old house payment against them, IF they meet these conditions: there must be an executed sales contract for their present residence, and any financing contingencies must have been cleared.
RELATED ARTICLE TITLE: Fannie Mae – Current Principal Residence Pending Sale: Can you close on a new property before your present property closes? Answer: Yes, provided you meet the following criteria. This guideline/policy applies to any/all loan types Fannie Mae offers. Remember that you need an executed purchase contract and all financing contingencies removed/cleared. Reference: B3-6-06, […]