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 qualify the loan, borrowers to provide fully executed proposed lease for incoming tenants, including copies of cancelled first month’s rent and security deposit checks, and proof of deposit into borrowers’ personal bank account. If we do not require rental income to offset the housing payment, then just the letter is acceptable. Entire current housing debt will be included in DTI.
