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:
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?)
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