Tag: Departing Residence

Documentation Needed When Renting a Departing Residence

Question: My client is moving from his owner-occupied residence and into a new home.  He is intending to rent that property.  I am getting underwriting conditions that require a signed lease, and the first month’s rent upfront at least one to two weeks prior to closing in order to use this as income.  What are […]

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VA- Lease Requirements on a Departing Residence to Offset House Payment

Question: My client wants to buy a new home but has not sold their present home. Will VA allow a one-year lease on their departing residence to offset the payment on their present home in order to qualify for the new home? Rental Income – Mortgage Income Analyzer™ Answer: VA will allow for the rental […]

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Fannie Mae – Departing Residence Lease Documentation: Fannie Mae states that I only need a lease for a departing residence being rented, why is the borrower being asked to provide additional information?

Answer: The selling guide allows the lender to use a lease agreement.  A lender can choose to add other requirements they deem necessary to support income, debts, assets and the like, at any time.  These may or may not have anything to do with overlays, but specific situations. An example:   Let’s say that I am […]

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