From time to time I'll keep you updated on what's going on in the mortgage market too...here's an update that my husband, Tim gave me.
Last week FHA announced a new way they are going to handle this situation:
Your client is buying a new home and wants to keep the old one as a rental. Before, you could get a copy of the lease and we could use the rent to offset their payment, but because of the proliferation of people buying the new house and then letting the old one go ("buy & bail"), FHA now requires that they make enough income to cover BOTH payments as if there were no rental income.
There are a few exceptions to this, but it’s important that your client’s lender knows about the WHOLE deal up front so they can structure it in the best way possible to get the deal done.
In the mean time, if you need Tim, Myself, or Eric to answer any mortgage questions, please call us at 407-831-2277. We can brainstorm on scenarios and what-if’s to help get your listings sold and your buyers closed!