B2-2-03, Numerous Financed Services for the same Debtor ()

Limitations on Number of Financed Functions

Exception: High LTV re-finance money is actually excused about numerous funded assets principles. Look for B5-7-01, Higher LTV Home mortgage refinance loan and you may Debtor Qualifications for more information on this type of financing.

the number of that- so you’re able to five-equipment properties where the debtor was personally compelled on the mortgage(s), even when the monthly houses debts is actually excluded throughout the borrower’s DTI according to B3-6-05, Month-to-month Debt burden

the full amount of attributes financed (perhaps not just how many mortgage loans to your assets nor the quantity away from mortgages offered to Fannie mae), which have multiple unit features (eg a-two-unit) counting as a whole possessions;

the fresh cumulative complete for all individuals (even though as you financed services are merely mentioned shortly after). Getting HomeReady funds, financed functions owned by a low-occupant co-borrower which can be possessed individually regarding the borrower are omitted out-of what amount of funded functions calculation.

Next property models aren’t at the mercy of these types of limitations, even if the debtor was truly motivated into the a home loan towards the house:

A great HomeReady debtor is actually buying a main household and is required on a home loan securing an investment property. A low-renter co-debtor try entirely obligated on the mortgages securing three money features. In cases like this, your order is eligible having HomeReady, as the renter borrower will receive two funded attributes. The new low-tenant co-borrower’s funded properties commonly included in the possessions count.

Brand new borrower try myself compelled into the mortgages securing two funding features plus the co-borrower is actually privately required to the mortgage loans protecting about three other funding qualities, consequently they are jointly motivated to their dominant household home loan. Continue reading →