Loan implications for someone relocating

Posted on August 17

Question: I will be relocating from MI to PA for a new job (approx 350 miles). The home that I currently own in MI is very underwater so I am in no position to sell at this point. I would like to understand the implications/requirements/programs that may be applicable to my purchase of home in PA (this would become my primary residence). Any advice or pointers to details would be greatly appreciated.

The biggest obstacle would be that, without 30% equity in your MI home, we would need you to qualify with both payments, and also have at least 6 months reserves, plus the down payment for the PA home.

We would not restrict programs for your new purchase – so long as your DTI and down-payment/reserves are within guidelines.

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