You found the home. Your current house should not decide when you move. HomeAdvance pairs a guaranteed backup offer on your current home, which removes the home-sale contingency from your offer, with an equity advance that pays off your mortgage and funds your down payment. Buy now, then sell on the open market.
HomeAdvance releases up to 85% of your current home’s value to pay off your existing mortgage in full. You keep the proceeds to fund your down payment for the new home. With the guaranteed backup offer in place, you can purchase the new home without a home-sale contingency. Move into the new home before selling the old one if it’s ready, or stay put until the new home is built.
Nothing here comes out of your pocket. The fees are taken from the advance before it reaches you, and the balance is your down payment.
Illustrative only, assuming a new home priced at or below $500,000. Your actual advance, fees and eligibility depend on your equity, credit profile and underwriting. We run your real numbers before you commit to anything.
HomeAdvance is Velocity’s contingency-removal program. It gives you a way to buy your new home now, on a competitive offer, without a home-sale contingency slowing you down.
Share the basics on your current home: address, estimated value, remaining mortgage balance. We tell you how much you can access, with no obligation.
You can access up to 85% of your home’s value, which pays off your existing mortgage in full. Program fees come out of that advance up front, so nothing comes out of your pocket. What is left is your down payment, and your offer on the new home carries no home-sale contingency. The advance is repaid when your home sells, within 90 days, with a second 90 days available for an added 2%.
Because your existing mortgage is already paid off, you are not carrying two mortgage payments while you wait to sell. One move, one mortgage.
You get a real window to sell it, priced right and not rushed. Aim for the first 90 days; you have up to six months before the guaranteed backup offer steps in. When it sells, whatever is left after payoff, fees and commissions comes back to you. Many clients apply that final payout to a mortgage recast, which lowers their new payment to where it would have been if they had sold first. We walk you through it.
If your current home is the only thing standing between you and your new one, this is built to remove that specific problem.
You are ready to buy, but your current home has not sold yet, and you do not want to make an offer contingent on it.
HomeAdvance pays off your existing mortgage at the time of your advance. You never carry both while you wait to sell.
This is not a cash offer on your old home at a discount. You still list on the open market with your agent and sell to a regular buyer.
No temporary housing, no double move, no storage unit in between. Buy the new home, then sell the old one properly.
If yours isn’t here, ask your sales rep or send it through the form below.
No. HomeAdvance lets you buy your new home first, then list and sell your current home on the open market at market value. Your home does come with a guaranteed backup offer, but that offer only comes into play if your home hasn’t sold after six months. It’s a safety net, not the plan. When your home sells, you repay the advance and keep the remaining proceeds after normal selling costs.
No. The equity advance pays off your current mortgage in full, so you aren’t making two mortgage payments while your old home is on the market. And because your current home has a guaranteed backup offer, your new-home lender can typically leave that old mortgage out of your debt-to-income calculation when you qualify.
You have up to six months on the open market. The equity advance is due within 90 days, and a second 90 days is available for an added 2% of the advance. If your home still hasn’t sold at six months, the guaranteed backup offer kicks in: our funding partner buys it at the price agreed up front, which repays the advance. Your home stays on the market with the same agent, and when it sells to a final buyer you receive the difference, minus commission, closing costs and a 1.25% carrying fee. We walk through the exact terms for your situation before you commit to anything.
No. Cash-offer companies typically buy your home right away, usually below market value. With HomeAdvance, your home goes to market and sells to a regular buyer for what it’s actually worth. The backup offer only exists in case it doesn’t sell within six months. Your agent still earns their commission on the sale.
There are two program fees, and both are taken out of your advance up front, so you never pay them out of pocket. The fee for the guaranteed backup offer is 1.9% of the higher of two numbers: your current home’s value or your new home’s purchase price. The fee for the equity advance is 2% of the amount you actually take. Another 2% of the advance is usually held back up front and returned to you if your home sells within 90 days; it only pays for the second 90 days if you need them. It can also be skipped up front to put more toward your down payment, in which case the fee comes out of your sale proceeds only if you use the extension. Title and loan closing costs vary with the amount funded. And if the backup offer is used, a 1.25% carrying fee covers taxes, insurance, HOA and utilities while the home is held. We run your exact numbers before you decide anything.
Roughly 20% or more in your current home. The advance can go up to 85% of your home’s value, minus what you still owe. For example, on a $500,000 home with a $300,000 mortgage, up to $425,000 is available. That pays off the mortgage and leaves about $125,000 toward your next home before fees. Below 20% equity, our Home to Sell or Guaranteed Lease programs are usually the better fit, and your specialist will tell you straight which one.
Most homes are valued with an automated online valuation, which is accurate in the large majority of cases. If the number looks low, you can order a broker price opinion (BPO) for about $250. It typically comes back in around three days, and your advance is based on that value instead.
Take less. The advance can be dialed down to exactly what you need, and the equity advance fee is calculated on that smaller amount. The backup-offer fee is based on home value, so it stays the same. If you only need to remove your home-sale contingency, you can also use the guaranteed backup offer on its own, with no advance at all.
In many cases, yes. You can use the builder’s preferred lender and keep the builder incentives available on your new home. Confirm the details with your builder’s sales rep.
The program covers single-family homes (1–4 units), homes in planned communities, and condos that meet Fannie Mae/Freddie Mac warrantability standards. The home must be valued between $200,000 and $5 million and be within 30 miles of a metro area. Mobile homes, farms and ranches, properties over 20 acres, and non-warrantable condos don’t qualify.
Yes. It focuses on big-ticket items like the HVAC system and foundation. In most cases you won’t be asked to make repairs before closing. Normal repair requests get negotiated with your eventual buyer, just like a traditional sale.
Within 60 days of your new home’s closing date. Your proposal numbers hold for 14 days, and signing the service agreement locks them for 60 days without committing you to use the program. If your closing moves outside that window, the numbers are repriced to the market.
There is no hard credit pull. The equity advance application uses a soft check to confirm your score and that there are no other liens on title.
You can, and the backup offer can still step in later. But if your home sits and the price comes down, the backup offer is repriced lower to match the market. Most clients get the most out of the program by starting before they list.
The equity advance is scheduled to close a few days before your new home does, so the funds are ready on your closing day. Your specialist confirms the exact timing.
A few basics is all we need for a first look. A Velocity specialist calls you back within one business day. It costs nothing, and nothing happens to your home until you say so.
Velocity HomeAdvance™ is a program of Velocity Real Estate. Velocity Real Estate is a licensed Florida real estate brokerage and does not originate, underwrite, or fund the equity advance described on this page. Program terms, fees and eligibility are determined by our lending partner and subject to change. Consult your agent and a qualified advisor before making a purchase decision.
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