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If the borrower is funding a home that is second 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 (as an example, 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 following approach:

In the event that quantity of Financed qualities industry is finished, DU uses that while the range financed properties. The financial institution must finish this field using the quantity of financed one- to four-unit domestic properties (like the topic deal) which is why the borrower(s) are myself obligated.

In the event that true number of Financed Properties industry isn’t supplied, DU will make use of the quantity of domestic properties within the Real Estate Owned (REO) area including a home loan re re payment, or which can be connected with a home loan or HELOC within the liabilities element of the mortgage application, since the amount of financed properties.

In the event that Number of Financed characteristics industry additionally the REO information had not been supplied, DU will utilize the amount of mortgages and HELOCs disclosed within the liabilities area of the mortgage application given that amount of financed properties.

Whenever none for the given information above is supplied regarding the loan application, DU will utilize the range mortgages and HELOCs disclosed regarding the credit history due to the fact amount of financed properties.

Note: in an effort to account fully for the property that is subject DU will include “1” to your range financed properties on purchase and construction deals once the REO area, amount of mortgages regarding the application, or amount of mortgages from the credit history are employed due to the fact range financed properties.

After determining the sheer number of financed properties, DU use that value to evaluate the eligibility regarding the loan, including the credit that is minimum dependence on seven to ten financed properties

the minimum needed reserves the lender must verify, and eligibility for HomeReady deals.

DU will issue a note informing the financial institution for the true amount of financed properties that DU used and where that information was acquired (wide range of Financed characteristics industry, REO part, range mortgages on application, or quantity of mortgages on credit history). If DU utilized the given information supplied within the wide range of Financed qualities field or within the REO part once the amount of financed properties, and that info is inaccurate, the lending company must upgrade the info and resubmit the mortgage casefile to DU. If DU utilized the amount of mortgages and HELOCs from the application for the loan or credit file once the amount of financed properties, and that quantity is inaccurate, the financial institution must make provision for the proper quantity in the amount of Financed characteristics industry, or finish the true Estate Owned part of the mortgage application and resubmit the mortgage casefile to DU.

Exceptions

Tall LTV refinance loans are exempt through the numerous property that is financed. See B5-7-01, High LTV home mortgage refinance loan and Borrower Eligibility for extra information on these loans.

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