The 6 months reserves are required If you have less than 30% equity on
previous principal residence on a conventional mortgage per Fannie Mae guidelines found here:
https://www.efanniemae.com/sf/guides/ssg/sg/pdf/sel092711.pd If you have 30% equity then only 2 months reserves are required for each mortgage.
The only way around that is to switch to another loan program like FHA or VA.
What is the reason for your move?
In Texas you can do what are called "combo" loans, which is where you get a 1st mortgage for 80% of the home's value and a 2nd mortgage for 90% or even 95% of the home's value, therefore allowing you to bring in only a 5% or 10% down payment and getting to avoid having to deal with PMI company guidelines. In other states you can do the combo loans too, but most are limited to a total loan amount of 80% of the purchase price, Texans have a big advantage in that department since your home values didn't sink as much as the rest of the country. That would potentially allow you to put down less than 20%, use conventional financing, and be able to get around the 6 months PITI reserves requirement for both homes.
If you are looking for a Realtor to assist contact my office I work with home buyers and tenants. I have been a real estate investor with investment properties certainly assist with knowledge of leasing a your home.
You also receive tax benefits owning an investment property CONFER with your CPA
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
I currently want to lease my first home (till market gets better) and purchase a new primary residence. It was mention to me since I have not rented a house in the past two years thus the 6 months on each. I already prequalified with both payments.
Joshua A. Lerette
Senior Loan Officer
Residential Finance Corporation
800.930.7334 Ext. 1108 â€“ Toll Free
813.402.4637 â€“ Direct Line
727.488.7355 â€“ Cell
888.692.5967 â€“ Fax
North American Lending
Cell# 469 684-9864
Office# 972 759-5271