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
Showing posts with label FHA: Offsetting Mortgage Payments. Show all posts
Showing posts with label FHA: Offsetting Mortgage Payments. Show all posts
Wednesday, December 10, 2008
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