selling home - does current home count as an asset toward new mortgage??

Yes, you can get pre-approved now for a mortgage while you are waiting for your home to sell. Best regards,Elva Wormley

Yes.. you have to close on your current home to be able to use the proceeds from the sale as a down payment on the next home, but it is allowed.. The best advice I can give you is to contacting a LOCAL mortgage broker and apply with them. Once they see your complete profile, they will be able to properly advise you as to how to use that equity towards the new home. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

You can most definitely use the future sales of your home as assets towards the down payment of a new home.

You can be preapproved based on your current home closing. The R E sales contract would indicate this if your home has not sold by then. That makes things harder in acquiring a house, perhaps, but it might make things easier on you. I have alot of experience with this situation when people need to sell their home,to cover the down payment they wish to make. I would be happy to help you with the process of getting your home rented for when you move into your newly acquired home. That way you could still qualify and use a 3.5% down payment loan and maybe partial lender and seller credit towards your closing costs on the new home