The buck stops when you do not have a rental history for 2 years on your Tax returns nor can show
2 Rental check deposits, nor show any equity in your principal residences.
Or go with a Stated loan, and be ready to pay a higher rate. Otherwise, wait till the market
for lending improves.
Check this out:
Banks do not want to lend you money to move up, while many have chosen to walk away from
their first home after, buying their second home. This is called Strategic Default, and this is what
the Banks and Government is concerned of.
Any questions call me at http://www.trulia.com/blog/perry_mistry/
Thanks for reading