Nellie M

    0
    18

    Hello, I have a question on a customer who wants to purchase a primary residence under FHA, but currently owns another primary residence, which will be rented out to occupy the new subject property. The client wants to rent his departure residence and move to the new one, in addition to the lease agreement for at least one yr and proof of deposit and one month rent, do they have to get proof of at least 25% equity in the departure residence? The current home is a Conventional mortgage, not FHA.
    Your prompt response will be greatly appreciated.

    Sincerely,
    Nellie M

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