Borrowers wish to purchase a new primary residence but already own their current residence. Would we be able to do the loan on the new purchase?

Yes, given acceptable motivation. Borrowers to provide a satisfactory motivation letter confirming their intent to move into subject property as primary residence. Borrowers to also state what they intend to do with the vacating residence (sell, rent, etc.). If they will be converting their vacating property to a rental, and are using rental income to […]