Video Overview – Multiple Financed Properties
The FNMA Multi Property Loan can be intimidating if you have not yet had to originate or underwrite a borrower who is a little more complex than your first time investment property purchaser. The first thing you have to understand is how many properties that FNMA and FHLMC will allow and which properties count in that maximum number. Getting this step right sets you up properly to insure your loan will be saleable on the secondary market.
The video answers these questions and reviews guideline from FNMA B2-02-03 “Multiple Financed Properties for the same borrower”
? If I am buying or refinancing a primary residence is there a maximum number of financed properties
? My borrower purchased the home and then transferred the property title to his or her business will these financed properties still count in the maximum number
? Does it matter if my borrower is less than a 25% owner of an LLC or S Corp that own’s financed properties?
? Does FHLMC or FNMA allow the same number of financed properties and follow the same rules to counting these properties?
This is not a program you want to guess on since the investor pool is limited on who will purchase a loan from this type of borrower. In addition a borrower who falls into 5-10 financed properties is required to meet more restrictive credit and reserves requirements.
Of the key elements in getting a borrower with complex income such as a person who owns several investment properties, is a tool built to handle any income no matter how complex or simple. We believe Uber-Writer will meet that need, and in the video we will provide a brief overview on how Uber-Writer accomplish’s that need in a quick concise manner.