In the event that debtor is funding a 2nd house or investment home that is underwritten through DU in addition to debtor may have anyone to six financed properties, Fannie Mae’s standard eligibility policies use (for instance, LTV ratios and minimal fico scores). The mortgage loan must have a minimum representative credit score of 720; all other standard eligibility policies apply if the borrower will have seven to ten financed properties.
DU will determine the amount of financed properties for the loan casefile in line with the approach that is following
In the event that quantity of Financed qualities industry is finished, DU will use that once the amount of financed properties. The lending company must finish this industry because of the quantity of financed one- to four-unit residential properties (such as the transaction that is subject which is why the borrower(s) are myself obligated.
In the event that true number of Financed characteristics industry is certainly not supplied, DU will utilize the quantity of domestic properties into the Real Estate Owned (REO) part such as home financing re re payment, or which are connected with home financing or HELOC into the liabilities element of the loan application, since the range financed properties.
In the event that quantity of Financed characteristics industry as well as the REO information had not been supplied, DU will utilize the amount of mortgages and HELOCs disclosed when you look at the liabilities part of the mortgage application since the amount of financed properties.
Whenever none regarding the information above is supplied in the loan application, DU will make use of the range mortgages and HELOCs disclosed from the credit file due to the fact range financed properties.
Read moreUsing the Several Financed Property Policy to DU Loan Casefiles