July 16, 2015
Effective immediately for new applications, REMN Wholesale has amended our requirements for FNMA investment properties with first time homebuyers:
- First time homebuyers purchasing an investment property will no longer be able to use the subject property rental income for qualification purposes
- If any borrower answers “No” to Declaration Question M on the 1003 “Have you had an ownership interest in a property in the last 3 years”, they are considered a first time homebuyer
PLEASE NOTE: Existing pipeline loans are not affected by this change
The product guidelines will be updated in the near future.
If you have any questions, please contact your Account Executive.