Loan implications for someone relocating

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.

Answer:
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.