The PITIA for the Borrower’s current primary residence pending sale, but will not close prior to the subject transaction, may be excluded if one of the following requirements are met:
l An executed sales contract for the property-pending sale. If the executed sales contract includes a financing contingency, the mortgage file must also contain evidence that the financing contingency has been cleared or a lender’s commitment to the buyer of the property pending sale;
l And executed buyout agreement that is part of an employer relocation plan where the employer takes responsibility for the outstanding mortgage(s). There cannot be any financing contingencies and the relocation agreement must be fully executed by both the borrower and relocation company with no right to cancel.
For Freddie Mac an employer relocation plan with an unexecuted buy-out agreement may be used with the following requirements:
(1).The borrower has sufficient reserves, above those required on the LPA response, to pay the monthly payment amount for the property pending sale until the expiration date of the buy-out as indicated in the agreement, and
(2).The borrower(s) provide a signed statement indicating his intention to accept the buy-out agreement.
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