Lenders have very specific guidelines and rules for a homebuyer who will be retaining their old home. In lendspeak “departing property” is the property a home buyer is moving out of, but will retain, as they buy a new home to upgrade, downgrade or relocate. In this tumultuous market of valuations and “walk aways”, lenders have very particular rules about ‘departing properties’ as a liability for a home buyer. If the buyer can easily qualify to carry both mortgage PITI payments, and can show they have 2 months reserves after closing the new home purchase, a lender will … (0 comments)
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