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Banks are hyper-sensative to the practice many people engaged in of buying a home after prices have declined, taking the same steps you are taking, but instead, after moving in to the new house, deliberately defaulting on the one that was under water. Unfortunately there have been some loan brokers advocating this practice, and consequently the banks are rightfully concerned when they see someone making a local move and declaring that the existing home will become a rental. Using a local lender (community bank, credit union) may gain you more personalized underwriting. You may also consider applying some of your cash reserves to the principal balance of the first home to give you net-positive equity. The bottom line is that one of the two homes will not be owner-occupied, so perhaps having a bona fide lease for the home you are moving from would help in underwriting as well. All the best, Bill KingColdwell Banker Bain
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