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We are in the process of getting an FHA loan.. our LO called us today to tell us about the new buy and bail policy and that we would have to have an appraisal on our rental home we own. I have read the policy and it has 2 exception where rental income can count... 1 is if you have 25% equity in the home and the other is if you were moved by your job. We are military and moved from ohio (where our rental property is) to Ga (where we are trying to buy) now from my understanding of the policy (and I have read it) it is an either or thing... They are telling us we still have to pay for another appraisal. (we already paid for the one on the house we are trying to buy)... anyone out there have a clue???
Our house we own in ohio has been rented for 2 years now... We were moved with the army in 2006. We never reported it on our taxes cause honestly never knew to till now. So they are saying that it was our primary residence.. ?? But obviosly the army moved us so we meet the one criteria. I just don't want to pay for another appraisal for no reason.
I think your loan officer might be trying to do a good job for you,but does not understand the situation. You should call and make him aware that you have not lived in this rental for 2 years and then provide him with proof that you resided at another place before you decided to purchase in Georgia. Once this explanation is given I am sure you will not have to get an appraisal for your rental in North Carolina. You should redo your taxes for the past two years so you may take advantage of the depreciation as well as other items you may deduct on your income taxes. I think you have to complete a schedule "D" Check with a qualified tax consultant concerning any and all tax questions. I hope this has been of some use to you, good luck. "FIGHT ON"
You are right if you moved jobs then you dont need the appraisal done. That at least is my understanding. The underwriter is the only person who can make that decision. You will need proof. So be proactive I guess, and get some sort of proof. As a loan officer , I hate telling people that they need to incur extra costs but I do have to listen to the underwriters barking orders. I imagine the underwtier does not know the facts about your move. Just have the loan officer explain your case. When it comes to FHA loans your laon officer is always your friend. But be aware underwriters are only looking out for the gudielines and if they have a problem with your move then you may have to get the appraisal.
You may owe back taxes on the ohio rental income. That is scaring off the mortgage company. You may have to switch to a new company and start over.... yes, new appraisal, too..
If you are not converting a primary residence to a rental, you do not need the appraisal and your lender is all messed up. If you are converting your primary to a rental, there are new rules that apply.
Because you haven't any longer surpassed all underwriting credit standards. you would be a great deal increasing your debt load (with 2 mortgages) and it seems fairly irrational to flow farther from paintings. and you're exceeding the housing ratios, as nicely. concern which you will purchase and bail, if according to useful grounds, isn't a proscribed discrimination. you're in underwriting, attempting to fulfill standards. you have the alternative of going usual and putting down greater funds, and those issues will probable burn up. Why might desire to there be recourse? lenders do no longer ought to lend to all of us. you're soliciting for extremely some funds and that they have got the ultimate to p.c. to whom to lend or no longer, as long because it is not a prohibited foundation. You write a constructive, well mannered, corporation type letter explaining what you're doing and why and techniques to handle all the charges and debt, etc. you're soliciting for funds, no longer annoying--it is not an excellent to get an excellent loan.