Quote:
Originally Posted by Aurel
How could you buy a second home without selling the first one? If a bank would approve that loan, it means you can afford both mortgages, thus you surely can afford the one you currently have. Option 1 is the right thing to do. Do not make others pay for your bad investment.
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the new guidelines state you will need to provide proof of 6 mos. worth of payments in savings on both properties.
Buy and bail they are on the lookout for, big time. In this situation I doubt it will be easy to approve.
rjp