As the lending rules stood, they had to absorb their current mortgage payment into the equation of qualifying for a new loan and the rules precluded them from using the rental income to offset the mortgage payment. Given that, most could not qualify. You lost a buyer. That has been the tale time and again for many agents nationwide .
I hope you saved that contact because things are changing. Starting August 15th if your buyer is upside down in their current home, they … (2 comments)
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