Jonorato1,
I believe what you're saying is that you were retaining your current residence but buying another, bigger home and planned on renting out your current residence? If that assumption is correct, yes, you would need approximately 25% equity in your current home as one of the conditions for buying another home that you plan on occupying.
Were you dealing with a local, experienced loan officer? This is an ever changing market and it takes alot of time and research to stay up on the changes in the financing market place and that situation is not a common one so I can't say it is completely the loan officers fault but that is something that should have been caught way ahead of time.
Is the home that you're trying to buy in the same community as where you live currently? Or is it further away and could be being used as a 2nd home?
Please give me a call if you want to talk about the situation.

Wayne Laverdiere
Envoy Mtg
(603)498-6535 Cell

Hi Jonorato1,

Was this a single family residence? I'm trying to understand what you are saying regarding the 25% down. I believe the inspection costs is your responsibility, but would love to chat with you about your situation.

Feel free to contact me directly: CJ Dubois-Cote, Prudential Prime Properties - 207-615-1663 or cindy@prubay.com