You can no longer offset your existing mortgage payment on primary residence with just a lease agreement. The existing mortgage payment must be included in the debt/ratios unless you meet one of the following exceptions: Relocation OR Sufficient Equity in Vacated Property (75% or less). At this time we are only accepting a 2055 to verify equity.
See Mortgagee ltr. 2008-25 for full details.
Ruth Martinez
Sr. Underwriter
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment