Relocation and Mortgage Options

You need to obtain the financing on your new property before you sell the current home. Once its listed as short sale, or paid less than full, the new lender will treat that similarly as a foreclosure, and you will have to wait 3 years for new financing. If the mortgage reports current, then the lender will not know that you will be short selling your home. You would have to qualify for both mortgages, since you cannot have the financing contingent upon the sale, because once it sells, it will be reported as a short sale. Good Luck!