![]() ![]() sell the current residence and payoff the outstanding mortgage,.If you are applying for a c onventional loan, the guidelines are as follows:īorrowers who currently own their own home typically have three (3) options when they decide to purchase a new Primary residence. First let’s talk about conventional loans (those backed by Fannie Mae and Freddie Mac.) ![]() ![]() That is, unless you stumbled upon this blog. And if you’re not familiar you may be very surprised when a lender denies your loan when you try to convert your primary, current residence into a second home or rental. You may not be familiar with the term “buy and bail” but lenders are. ![]()
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