Being Told New House is Too Close to Current House

[Jake Collins]

Hey all,

My lender is now telling me the branch manager is getting cold feet about taking my loan because we are moving "too close" to the current home. For background, we have lived in this house for a full year. We would be moving down the road (same street name, but a five minute drive). The lender is saying they want me to provide an explanation for why we are moving or even list my house for sale. It was my understanding that after a year I can move for pretty much any reason I want and keep the old house as a rental. Am I missing something? Has anyone else ever run into this?

[Foti Karastamatis]

Give them the real reason you are moving and if they don't like it, switch lenders. They either want your business or they don't. I quit begging people to take my money and it feels way better. They need you more than you need them. There are hundreds of lenders, brokers, credit unions, even hard money... that's really not that hard compared to todays interest rates. Use hard money to seal the deal the refi a few months after you move in. If the deal is worth doing, hard money can get it done. Would you lose a deal over a few thousand dollars? If so, maybe its not the right deal. Hard money can be the difference of making the deal or not. Just my humble opinion. Best of luck and let us know what happens.