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Dee Dee, Just about everywhere I have seen has "buy and bail" policies.
that is the reason for the equity in the existing home being an issue. and it is actually 75% not 80. They can buy with less than that in the existing home if they qualify for the new home W/O taking into account the rental income. So if they can qualify if they can comfortably carry both mortgage payments.
I had one client that was a VA transfer from one base to another. They rented out their old home, moved and a few months later found the new home. But they could prove that they collected rent, had security account, lease etc.... so that one made sense. But it would not have worked if the bounced straight from one to another.
So Buy and Bail issues are truly out there. I hope that answers your questions... If not, give me a call or shoot me out an email!
Rob
rrauf@remn.com