Tuesday, July 22, 2008

do you hear me

SCREAMING?

today all the paperwork needed to send to the lender was nicely organized and paper clipped together (I even bought cute paperclips) ready to send. so excited. then about 5 p.m. I received an email stating that fannie mae has put restrictions on people who are trying to obtain a 2nd home loan while renting their current home.

check out how ridiculous these terms are:
*must have 30% equity in current home & a current appraisal
*6 months reserved payments for new and existing home

oh yes, and if you can't meet those requirements (seriously, who could?) then you can try this:
*use a non-occupying co-signer to help with additional income.

yeah right! I would NEVER ask anyone to cosign on a HOUSE for us.

so it looks like we will be in florida for
a bit until this market crisis is fixed.


frequent flyer miles here we come!

1 comments:

carmen said...

this sucks! but judging my that beach sunset picture there are definitely worst places to be "stuck". i say enjoy that sunshine weather while you're there. everyone from IN tries to get to FL whenever they can!! (or is that just me?)