REMN Wholesale is notifying our clients that we are implementing overlays for renovation loans.
Details of our overlays:
• Purchase loan only
• Minimum FICO score 680
• 1-unit property only
• Maximum repair amount $150,000 or less
These new overlays apply to 203(k) and HomeStyle loans, and are effective with any loan registered, locked, or submitted September 3 or later.
Guidelines are being updated and will be posted in the near future.
Please contact your Account Executive with any questions.