When I have these situations my clients have had the best results using
Roswell (Ros) Moore
Sun West Mortgage
They seem to have more loan programs to chose from without a lot of extra requirements (lender overlays).
Dad can use retirement income, or any other type of income. He may be able to use cash reserves to generate an income stream to meet cash flow requirements.
If the debt to income ratio works out, he can buy this as a 2nd home until his primary residence sells. He will probably need to put down 10-20%. Give Ros a call to explore your options.
Central AZ Real Estate
Your Local Expert
Patti and I have lived in Maricopa for 10 years and ONLY deal with this area so when he is ready to purchase I would appreciate the chance to find him a home.
As indicated by Tim, in the first answer, no one can tell you if he will be qualified based on what you have told us.
However, I think your real questions are:
1. Can he use his retirement income to qualify for a loan? Absolutely.
2. Can he buy a new home before selling his current home? If he qualifies, Yes. The lender will want to be able to prove he is in the process of selling (current home listed on MLS, etc.) to consider the new home his primary, or they may just treat the new home as a second home. The lender will most likely include his current home's expenses in his debt ratio--real estate taxes, homeowners insurance premiums, HOA dues, if any, etc.
I hope this helps. Anything else?