Selling & Buying
How To Buy a New House Before Selling Your Current Home 2024 | The Mortgage Patriot
Patrick Kevin Fagan explains how to buy your next home before selling your current one, without getting stuck writing a weak contingent offer. He breaks down the buy first, sell later program, who qualifies, what the equity in your current home can cover, and the stipulations to watch for. Whether you are moving up in San Antonio, Bulverde, or the Texas Hill Country, this video shows how a clean, non-contingent offer is possible even when you cannot carry two mortgages at once.
What You Will Learn
Most move-up buyers cannot qualify for two mortgages at the same time, which is exactly why contingent offers lose out to buyers who are ready to close. In this video Patrick explains a buy first, sell later program that wraps your current home into the structure so you only have to qualify for the new home's payment. He walks through the equity your home needs to bring, the credit requirements, and the timeline you agree to when you use it.
Because Patrick is both a REALTOR and a Loan Officer, he can run the numbers on your current mortgage, your available equity, and the new purchase together. That is what turns an abstract strategy into an offer that actually competes when you are buying in San Antonio, Bulverde, or the Texas Hill Country.
Key Takeaways
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Why the Two-Mortgage Problem Stalls Move-Up Buyers
Adding your current payment plus a new payment usually pushes debt-to-income too high, so most buyers cannot qualify for both mortgages at the same time.
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What a Buy First, Sell Later Program Does
It wraps your existing home into the program, covers the current mortgage payment during the transition, and leaves only the new home's payment on your application.
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Who Qualifies for the Program
Patrick's criteria are roughly 30% equity in your current home, a FICO score of 620 or higher, and a conventional loan on the new purchase.
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What Your Equity Covers
The program advances money for your down payment and closing costs on the new home, then gets repaid when your current home sells.
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The Stipulations to Expect
You sell your current home within about 6 months of closing, and your home generally needs to be in a major metro area that supports the sale.
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Why the Offer Wins
Because you present a clean, non-contingent offer, sellers see you as ready to close instead of risky, and you are not forced to sell on someone else's timeline.
Companion Guide
This video pairs with Patrick's complete written breakdown of the same strategy. Read the full guide: how to buy before you sell without getting stuck and see the exact equity math, the program stipulations, and the questions buyers ask before they commit.
Read Patrick's Complete BreakdownContinue Learning
Planning the timing? Patrick answers how long the home buying process really takes from offer to keys, so you can line it up with selling your current home.
Wondering about your current mortgage? Patrick explains selling your home while it still has a mortgage, including payoff timing and what happens at closing.
Deciding when to list? Patrick covers the best time to sell in Texas so your move-up plan starts with a realistic sales timeline.
Have Questions About Buying Before You Sell?
Patrick is a dual-licensed Loan Officer and REALTOR who can run the numbers on your equity, your new payment, and the timing of selling your current home. One conversation will tell you whether a buy first, sell later strategy fits your situation.
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