My husband and I are selling our home and once its sold, are planning to rent from the buyer until we find a new home. We are going to make enough $ off the sale to put down 20% on our next home. How far along once we accept the offer could we actually start looking for a home and put in an offer do we actually have to have the 20% down in our accounts? Can we get prequalified for a loan without that money in our accounts? Is there a certain amount of time we have to have the money in our account before we can buy a house? Could we get prequalified for a loan where we would be putting 3.5% down then when we get the $, change it to a 20% down loan? We really do not want to pay mortgage insurance at all and would like to get a house asap.
Read more: Getting prequalified for a home loan without down payment in account yet?
