what is the question, are you short or foreclosing on your current home.
Are you buying in a new State and are asking what the lender will say once you made an offer?
Its simple if it is the latter:
1.) What are you doing with your property for the next 2 years, and how are you qualifying for it.
By rule of thumb its deemed a rental, 2 yrs out, transfer, tele-commute sounds promising but
UW wants to know how will you pay and will it be a rental and do you have the means.
Also if you are at the limit of your debt to equity ration, for your lender it maybe too risky.
Enjoy your pending retirement.
Citizen's Choice Mortgage
You have some good advice, below. Did you ask your loan originator for help with this letter? They will know what the underwriter is looking for. If you already own a home, you can also look into buying this as a second home, however you will have to put down at least 10%. Your interest rate should remain the same.
Good luck & happy retirement,
Roswell Moore, CMPS
CERTIFIED MORTGAGE PLANNER
NMLS ID 263779
DIRECT 480 422 5095
Good luck to you!
I have a client in a similiar situation as you. He rents and works in the Bay Area, wants to buy a home now in Sacramento and plans to retire within 6 months. All of the lenders I have spoken to will not consider his purchase to be "owner-occupied" because of the distance. This means FHA financing is not an option. If he chooses to go conventional it will be as an "investor" which requires 25% down and several months reverves. Another financing option available now while he is still employed is to purchase a HomePath home. Investors are only required to put 10% and there is no mortgage insurance.
Are you already in contract and now going through the underwriting process with your lender?