Jon,
Due to upcoming retirement and plans to move out of state, I'll be putting my house on the market in the next couple of months. I've never tried selling and buying a house near simultaneously. I have a post-retirement job secured. Likewise, my wife will probably have something secured within the next month give or take.
The goal is to be able to house shop ASAP and am anticipating a fairly quick offer once the house is on the market. Probably blurring realtor vs finance questions, but what are the options as far as pre-approval timing and conditions? Can you get a pre-approval letter that assumes your DTI will not include your existing house that's theoretically under contract? FWIW, my existing mortgage is a VA loan. Unknown if we'll want to re-use the VA loan, but I'm guessing yes. I assume we then can only provide contingency offers on houses until our current house we're selling closes? Are we able to proceed with a purchase in parallel to our existing home selling (again, perhaps a realtor question)? I've got 800+ credit. Just for an upper bound (not our plan A), but I'm reading that a lot of mortgage companies look for 41% DTI or less. If that's accurate for Trident, would you recommend what I was planning on doing which is to pay off our two vehicle loans? The interest rates on the two loans are around 1% and 2%, respectively, but they're also 36 month loans with ~$2,000/mo total in car payments, so makes a big impact on DTI.
Happy to discuss over the phone, but perhaps some of this would be pertinent to others.
Thanks!