Question from my lender for a new primary residence I'm under contract on in another state (my personal data has been replaced with fake addresses):
"BORROWER TO PROVIDE SATISFACTORY DOCUMENTATION FOR MOVING FROM CO TO OR, WHY THE MOVE? WHAT WILL BE THE DISPOSITION OF PROPERTY LOCATED AT 123 Easy St; Pleasantville, CO. WILL IT BE SOLD, USED AS A RENTAL? COMMENT ON MOVING STATES WHEN BORROWER JUST PURCHASED 2 RENTAL PROPERTIES IN THE PAST 12 MONTHS THAT ARE LOCATED IN CO AND WILL HAVE 4 PROPERTIES LOCATED IN CO."
I've never received such a question before. I did purchase 2 town-homes in my current state early last year right before the market went crazy. They make up my 2nd and 3rd rental properties, all of which cash flow quite nicely. I'm selling my primary and switching states - I can tell them that. But, why do they care/what answer are they looking for? I don't want to say anything that gets me rejected for the loan. This is the strangest thing I've ever been asked by a lender. My honest reason is, I just don't like CO anymore for a lot of reasons and I want to move. Also, the market seems right for both selling in CO and buying in this particular location in OR. I don't know what a satisfactory answer is - what their concern is.