"My loan officer told me that I’d need to sell the house I’m living in if I want to buy a new one. My pre-qualification letter doesn’t say anything about selling my home. Can I use my letter to put in a non-contingent offer? The home I’m thinking of buying is my dream home, and I really don’t want to lose it."
Isaac, Your loan officer is concerned about your debt ratio and your ability to pay 2 mortgages simultaneously. Even though your letter may not specifically mention the need for a contingent sale, pre-qualification letters are always premised upon the understanding that there can be no material change in an applicant’s creditworthiness. Before your loan can be funded, your lender will conduct another review of your finances, and at that point your loan would almost certainly be denied. Follow your lender's instructions and save yourself from an untenable situation. In the end, it isn’t worth the risk.
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