REMN Wholesale’s Access product has been updated with several positive enhancements – including the addition of Foreign National borrower eligibility.
Key Updates – General
- 90 LTV to $1.5MM on primary purchase with 720+ FICO
- 75 LTV to $2.5MM on primary purchase or rate/term refi with 720+ FICO
- 80 LTV to $1.5MM on a primary cash out refinance with a 720+ FICO
- Agriculturally Zoned Properties (up to 20ac) are now eligible provided no agricultural use. Exception from investor required prior to closing
- Removed general LTV restrictions for CT, NJ, NY (declining markets restrictions still apply)
- Extended age of paystubs, P&L and asset statements to 120 days
- Extended age of CPA letter to verify self-employment to 60 days
- Removed gift funds requirement for an applicant contribution for primary residence purchases with LTVs ≤70
- Removed 0x60x24 requirement for housing payment history
- Any collections or charge-offs >$250 individually and >$1k aggregate allowed to remain open provided they are evidenced as not impacting title
- Transferred appraisals acceptable
- Removed requirement that LLC be single purpose
- Removed requirement for an attorney opinion letter for LLC
Key Updates – Bank Statement
- Added allowance for borrowers 1-2 years self-employed
- Decreased minimum ownership percentage in a business to use business statements to 25% (from 50%)
Key Updates – Investor Cash Flow
- Added allowance for <1.0 DSCR up to 75 LTV on a purchase with min 700 FICO and min 1-year PPP
- Increased max LTV to use IO payment to calculate DSCR to 75
- Added guideline option for waiving landlord history requirement
- Clarified that taxes, insurance, HOA dues, and other carrying costs for other properties are not required and mortgage statements only required to extent necessary to help validate payment history
Key Highlights – Foreign National Borrowers
Foreign Nationals are defined as Borrowers who do not work in or reside in the U.S. The Borrower must reside in and work in a foreign country
- An IRS form W-8BEN, Certificate of Foreign Status must be filed with the IRS
- Legible, valid foreign passport AND visa required
- No credit report or credit score required* – use 680 for underwriting purposes *If borrower has a US SSN, credit report must be obtained and reviewed
- Foreign Nationals utilizing the Asset Qualifier product may only be qualified using method two
- Assets for reserves asset qualification purposes may remain in a foreign account provided that the institution which is custodian of the funds is on the Acceptable Institution List
- Minimum 1.00 DSCR for Investor Cash Flow loans
- Funds to close must be in a US bank account
- A Know Your Customer (KYC) check to be completed prior to the loan closing
- Borrowers must complete an ACH agreement signed at closing
** Please note – there are specific data entry requirements when registering a Foreign National loan in the Hub. Please see job aid for details **
This list is not all-inclusive. Refer to the Access guidelines located at www.remnwholesale.com for complete product updates.
Please contact your Account Executive with additional questions.