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Qualifying for Mortgage just got easier for Woodbridge,VA homeowners!
No Equity is no longer a problem if you need to want to Rent your present home and move or relocate to another in Woodbridge, Virginia or anywhere else for that matter!
Finally, some sensibility has come back into he marketplace!
Yes, you do will need to qualify for both homes but you also will be able to count the rental income when qualifying. For as long as I can remember if you decided to rent your home and buy another it was no big deal as long as you could qualify with the sensible underwriting rule of a 25% vacancy factor reduction.But in 2008 that all changed with a change in the conversion of your primary residence rule with Fannie Mae.
Back in 2008 Fannie Mae changed the lending guideline to stop people from converting their home to a rental and buying another home. The thinking was they would prevent homeowners from walking away from their present underwater home and stop paying once they completed the new purchase. It was the height of the financial crisis and they were trying to prevent folks walking away from underwater homes by buying another and providing a fake lease to qualify and then just walking away ... more
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