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.

Important Changes To Our Broker and Emerging Banker Agreements  Read More