All Forum Posts by: Javier Galvan

Thank you Bill. I had a mortgage broker explain to me that 

If I live in my home a decent amount of time (2 years) then there’s no issue renting my house to buy another primary. If I qualify with both mortgages, then nothing extra to do. If I need to offset my current primary to qualify, then they’ll require a 12 month lease agreement that it’s being rented out after I move into new purchase

There’s no set requirement on reserves, so it’s just subject to whatever the automated underwriting system requires when my full loan is ran through.

What are the Fannie Mae mortgage underwriting guidelines for Renting out Primary home and buying another primary home? 

I'm planning on 5% down conventional mortgage and having six months of PITI for rental property.

will I need to have a signed rental agreement in place to offset mortgage DTI or will I have to qualify for both mortgages.

Thank you.