5) VORâ€˜s are required for all USDA loans. USDA has been consistently requesting this information in the past 30 days. For files above 640, a VOR will suffice. For files under 640, we will require 12 months cancelled checks. If a VOR is not available due to the borrower living with family, an LOX will be needed
Before anyone busts me, no, I have never heard of anyone having a loan called due because they moved prior to a year. But since mortgage fraud is the governmentâ€™s hot topic today, you do not want to be a test case. Good luck,
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Financing Kentucky One Home at a Time
1. Re-fi your current residence now, if you can. This will improve your financial profile for the new place.
2. Your Florida purchase my be considered a second home, due the distance from the first.
The answers you are getting are not in harmony. Nonetheless, the answers raise questions and possibilities for you to investigate and upon which you can capitalize. A knowledgeable loan broker will help you sort all this out. Be sure to ask all the questions so nothing is overlooked.
The answer depends on how soon you'd like to buy the house. If it's within 2-4 months, I would recommend not doing the refi, since it would be tough to close on two loans at the same time. If you're looking out over 18 months, then you can refi your condo, get some rent that covers your monthly payment. After a year, the bank would consider the rental income as part of your new loan process.