Saturday, May 30, 2015

FHA DEALS & NON OCCUPYING BORROWER?


HELLO! HOPING ANY OF MY FELLOW REALTORS AND COLLEAGUES IN THE FINANCING SIDE CAN TELL ME IF TWO FRIENDS OF MINE WHO ARE RELATED BY BLOOD A NEPHEW AND & AUNT WANTING TO BUY A MULTIUNIT PROPERTY CAN GET THE MAXIMUM FINANCING BEYOND 75% WHICH IS WHAT THE MORTGAGE BROKER IS SAYING FANNIE MAE IS ALLOWING FOR THIS PARTICULAR PROPERTY. ONE OF THEM IS A NON-OCCUPYING BORROWER? OUR MORTGAGE BROKER IS SAYING AFTER HE RAN IT THROUGH THE AUTOMATED SYSTEM FANNIE MAE REJECTED IT BECAUSE THE AUNT WON'T BE MAKING THE 2FLAT HER PRIMARY RESIDENCE. I'VE BEEN TOLD BY ANOTHER PERSON AT MY PERSONAL BANK THAT THEIR SHOULD BE AN EXCEPTION TO THIS RULE WITH >Related by blood. HUD 4155.1 2.B.3.b… Has anyone out there ever seen this been used on any of their deals? IS THERE A Way AROUND THIS? THANK YOU!

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