Well, don’t want to sound harsh, but you did, in fact, commit mortgage fraud when you closed on a refinance as your primary residence long after you converted it to a rental property. You should have either stopped the first loan when you moved out in July, or restarted it as an investment loan then. If you’d done so, you wouldn’t have this issue now. Not sure either how a new home would be correctly classified as investment when you plan (have) to live there as your other home is a rental. If you’re using the same broker/underwriter on the second loan as on the first, it might have drawn a little more attention to your previous loan than if you were using a new set of eyes…..
Good Morning. Just reading this message now and wondering if you received any help with your mortgage scenario? If not, please let me know so I can see what I can do to help you! Thank you!
I have seen this before and the it an issue with DU, which is flagging the fact that the borrower has finance another property within the last 12 months as primary. Unless the new construction loan is a portofolio product (i.e. not ran through DU OR LP), you may be able to get around the issue you are running into, however, portofolio loans tradition have higher rates and more fees associated.
Well there’s lot been seen these types of cases being common but necessary actions should be taken as fast as fast possible. It would be good if you consult an attorney for what actually happened with you and the expert with help you with the mortgage. And for any further assistance with your mortgage I think payday loans would be graceful for primary loan.