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Originally Posted by Ironhorse
I think it also depends on how much $$ down you're putting into the new place. They may not care nearly as much if you're putting 20% down vs. 5%.
They're just making sure that you're not taking out a 400K mortgage on a 250K property. It's to protect them if something should happen and they end up with a mortage that cannot be recovered by selling the property.
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We'll be putting about 6% down. The city appraisal is very low compared to what houses seem to be selling for. Even if we turned around though and sold the day after we took possession we have no doubt it would sell for more that we're paying since the landlord (currently renting the home) is giving us a deal compared to others in the neighbourhood.