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Double mortgage - company relocating employee
Posted on 9/6/12 at 11:10 am
Posted on 9/6/12 at 11:10 am
Asking for a friend that is relocating to a different part of the country due to a job promotion.
Built a house about 2 years ago and is trying to sell it. May not sell given the number of houses on the market. Company has stated they will purchase house from him, 45 days after he relocates and signs for his new house.
Lender (as recommended by his company's relocation package) is now hesitant to allow him to have "2" mortgages. No personal debt, 760 + credit score and has 20 % to put down on "new" house.
Any suggestions as to how he can get this pushed through?
Built a house about 2 years ago and is trying to sell it. May not sell given the number of houses on the market. Company has stated they will purchase house from him, 45 days after he relocates and signs for his new house.
Lender (as recommended by his company's relocation package) is now hesitant to allow him to have "2" mortgages. No personal debt, 760 + credit score and has 20 % to put down on "new" house.
Any suggestions as to how he can get this pushed through?
This post was edited on 9/6/12 at 11:13 am
5
Posted on 9/6/12 at 11:13 am to Will Cover
quote:
Company has stated they will purchase house from him, 45 days after he relocates and signs for his new house.
Have they put this in writting? That might help.
Posted on 9/6/12 at 11:14 am to Will Cover
Does he have a spouse that earns income? 
Posted on 9/6/12 at 11:16 am to SEC CHAMP
you sure are a good friend
Posted on 9/6/12 at 11:19 am to Will Cover
quote:Why can't he just rent until the other house is sold?
Lender (as recommended by his company's relocation package) is now hesitant to allow him to have "2" mortgages. No personal debt, 760 + credit score and has 20 % to put down on "new" house.
Any suggestions as to how he can get this pushed through?
Posted on 9/6/12 at 11:25 am to Will Cover
quote:
Lender (as recommended by his company's relocation package)
The company picked out his new lender?
And the lender is being a road block to this deal?
This all seems very strange.
Posted on 9/6/12 at 1:22 pm to Will Cover
his DTI might not handle both mortgages. both mortgages must be counted against him since the house will not be bought until after relocation. if his DTI is under 45% with both mortgages he needs to switch mortgage lenders
Posted on 9/6/12 at 1:24 pm to SEC CHAMP
quote:
Does he have a spouse that earns income?
Yes, but she doesn't plan to work initially once they relocate.
Posted on 9/6/12 at 1:24 pm to wickowick
quote:
Have they put this in writting? That might help.
Yes.
Posted on 9/6/12 at 1:26 pm to saderade
quote:
Why can't he just rent until the other house is sold?
Initially, this was their idea, but since decided to purchase a house.
They are now in the final stages of choosing of paint colors, flooring, etc - all based upon their pre-approval. Bank initially thought the company would purchase their house prior to them closing on their new one, but this is not the case.
This post was edited on 9/6/12 at 1:34 pm
Posted on 9/6/12 at 1:27 pm to hawkeye007
quote:
his DTI might not handle both mortgages. both mortgages must be counted against him since the house will not be bought until after relocation. if his DTI is under 45% with both mortgages he needs to switch mortgage lenders
Bingo. A different mortgage lender will help?
Posted on 9/6/12 at 1:57 pm to Will Cover
most mortgage companies dont care about a person owning 2 houses. it sounds like he is dealing with a bank. banks play by there own rules
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