non-occupant borrower Archives - Mortgage Currentcy

Fannie Mae – Multiple FAQs – High LTV & HomeReady®

Written by: Lloyd Rutherford, Staff Writer HomeReady may have changed their AMI requirements, but did you know that there are other ways to structure the loan to assist your clients? Learn the secrets from our expert in this article. Rule Synopsis: Fannie Mae issued multiple FAQs and other supporting documentation for their High LTV lending [...]

FHA – Family Member Seller as Non-Occupant Borrower: If a father is selling to his daughter and he also needs to be a co-borrower, can she get maximum financing? – Chart – Non-Occupant Co-Borrower Guidelines – All Agencies

Answer: The family member seller can be a non-occupant co-borrower, but the LTV will be limited to 75%.Â See the applicable guidelines below. Reference: 4000.1Â II.A.2.b.ii (B)Â LTV Limitations Based onÂ Non-Occupying Borrower Status (1)Â Definition: AÂ Non-Occupying Borrower Transaction refers to a transaction involving two or more Borrowers in which one or more of the Borrower(s) will not [...]