| Amtrust Mortgage Banking | Credit | Multiple Mortgages to Same Borrower | Multiple Mortgages to the Same Borrower: Effective for loans in the following loan programs with an Initial Gemstone AU submission date on or after 9.22.08, Second home and Investment property transactions will be limited to a maximum of four (4) properties financed, including the borrower's primary residence. * Conforming Fixed Core * Conforming Standard ARM Core * Interest-Only Conforming Fixed Core * Interest-Only Conforming Standard ARM Core |
| Chase | Credit | Multiple Mortgages to Same Borrower | The borrower(s) cannot own more than four financed residential properties, including the subject property. This limitation includes joint or total ownership, and is cumulative across all borrowers on the loan. |
| CitiMortgage | Credit | Multiple Mortgages to Same Borrower | In general, there is no restriction on the number of properties a borrower can own when the subject property is a primary residence, however, if the subject property is a second home or investment property, the borrower
may not have a combined total of more than four (4) residential properties financed (this applies to either a single lender or several different lenders, including CMI). Joint ownership in residential real estate is considered the same as total ownership of an individual property and therefore is subject to the same restriction. This restriction does not include loans on commercial real estate or multifamily dwellings with more than four units). |
| Bank Of America | Credit | Multiple Mortgages to Same Borrower | 3.01 Eligible Borrowers. The occupancy of the property being financed determines the limitations on how many other financed one-to-four family properties the borrower may own. For all loans, the borrower's primary residence, subject property and any properties owned separately by a co-borrower must be included in the total. Joint ownership in residential property is considered the same as total ownership for limitation purposes. Ownership in multi-family (5+units), commercial real estate or unimproved land is
excluded from these limitations. |
| ING Mortgage | Credit | Multiple Mortgages to Same Borrower | Each borrower may have a maximum of 2 loans with ING (e.g., one on the primary residence and
another on a second home) |
| M AND T Mortgage | Credit | Multiple Mortgages to Same Borrower | If the mortgage is to be secured by the borrower’s primary residence (1-4 family), no limitation will be imposed on the number of financed properties.
If the mortgage is to be secured by the borrower’s second home or investment property, the borrower may own no more than a total of four (4) 1-4 Family properties, including the borrower’s primary residence, that are financed. In addition, the borrower may not be affiliated with the builder, developer, or seller of the property that secures any of the mortgages. Joint ownership in residential real estate is considered the same as total ownership of an individual property. The borrower must
have reserves of at least six (6) payments of principal, interest and escrow (PITI) for all mortgages. A lower cash reserve requirement may apply as determined by Desktop Underwriter. Each loan must be submitted to Desktop Underwriter individually, and receive an “Approve/Eligible” response. |
| PHH | Credit | Multiple Mortgages to Same Borrower | When purchasing or refinancing a Second Home or Investment Property, the total number of financed properties has been increased to allow five to ten (including the primary residence) if the borrower(s) meet certain eligibility and underwriting requirements as outlined below: • Conforming products only • A minimum credit score of 720 • Second Homes or 1-unit Investment Properties * Purchase: MAX 75% LTV/CLTV
* Rate/Term or Limited Cash-Out Refinances: MAX 70% LTV/CLTV
• 2-4 unit Investment Properties * Purchase and Rate/Term or Limited Cash-Out Refiances: MAX 70% LTV/CLTV • No history of bankruptcy or foreclosure within the past 7 years • No mortgage lates (30-day or greater) within the past 12 months. • Regardless of DU findings, rental income on the subject investment property must be fully documented, and rental income that is being used to qualify the borrower(s) from other retained properties must be supported by two years’ tax returns
• The borrower(s) must complete and sign Form 4506-T (Request for Transcript of Tax Return) and the transcript(s) must be obtained from the IRS to validate the accuracy of the tax returns provided by the borrower(s) • The borrower(s) must have reserves for the subject property and for other properties currently owned by the borrower(s) (i.e.- other financed Second Home and Investment Properties) in accordance with the reserves requirements outlined below • Eligible loans must be coded with Special Feature Code 150 |
| Provident Funding | Credit | Multiple Mortgages to Same Borrower | Regardless of the type of financing the Borrower is requesting, PF restricts the number of loans a Borrower may have financed through PF at one time to 4.
If AU provides a minimum “Accept” Risk Class and “Accept” Documentation Class, there are no restrictions to the number of financed properties that a Borrower may own for a primary residence or second home loan. For an investment property loan, the Borrower cannot have individual and/or joint ownership of more than ten 1-to-4 unit properties that are financed, including the subject property and their primary residence. For A Minus mortgages, where the subject property is an investment property, the Borrower is not permitted to own additional investment properties. |
| SunTrust | Credit | Multiple Mortgages to Same Borrower | • Maximum of four (4) total properties owned and serviced by SunTrust
Mortgage, Inc.,
• This includes home equity lines/loans originated and serviced by SunTrust
Bank.
• All SunTrust Mortgage or SunTrust Bank loans in process must be included
in the Maximum Number of Properties Owned and Serviced.
• Maximum of four (4) properties financed with any lender.
• All properties owned by a corporation, LLC/LLP, land trust or partnership
ownership of residential rental properties is also included in the calculation of
total financed properties. |
| US Bank | Credit | Multiple Mortgages to Same Borrower | Maximum number of loans to one borrower: All USBHM loan programs with a stated income/no income/no ratio feature will be limited to a maximum of two per borrower during any 12 month period. Maximum number of loans to one borrower in a contiguous area: USBHM limits the number of financed rental properties a borrower may own in one contiguous area, generally defined as within a two-block radius, to no more than two properties.
Loans with title or interest held in various forms/legal entities such as Life Estates, Non-Revocable Trusts, Guardianships, LLC's, Corporations or Partnerships are not eligible.
-For transactions financing Second Homes or Investment property, the maximum number of financed 1-4 family properties in which the Borrower may have an individual or joint ownership interest has been reduced from 10 to 4 Units. This change is applicable regardless of whether the transaction is a purchase, rate/term refinance or cashout refinance. |
| GMAC | Credit | Multiple Mortgages to Same Borrower | Limits on Number of Properties Financed - The total number of properties financed by GMAC Bank is limited to four with a maximum aggregate dollar amount of $2 million. A GMAC Bank -financed property is a property
secured by either a first or a second GMAC Bank mortgage. When the property has both a first and second Mortgage financed with GMAC Bank, this is considered a single GMAC Bank financed property. * Simultaneous Submissions - All new Loans submitted for the same Borrower must be underwritten simultaneously as the impact of each transaction upon the other need to be evaluated. |
| Flagstar | Credit | Multiple Mortgages to Same Borrower | MULTIPLE LOANS TO THE SAME BORROWER - If a borrower is applying for more than one loan through Flagstar Bank, all loans must be submitted to Underwriting at the same time and each loan must reference the other loan(s).
For FNMA and FHLMC, if a new mortgage is secured by an investment property, the borrower may not own more than ten properties (includes his/her principal residence) that are currently being financed. This limit applies to any combination of ownership in 1-4 family properties. Additionally for FHLMC, for borrowers who own more than one financed investment property, the new subject investment property mortgage must be a a 15-, 20-, or 30-year fixed rate mortgage or a 7/1 or 10/1 ARM only. Also, FHLMC will require evidence of rent loss insurance for ALL of the borrower’s financed investment properties. Flagstar Bank will not approve or close more than 5 loans to any one borrower, or an aggregate loan amount total of $1,000,000 (one million dollars). New loan submissions for a borrower must take into consideration any of that borrower’s outstanding loans with Flagstar Bank that are:
1. non-closed, 2. closed and currently serviced by Flagstar Bank, or
3. closed but the servicing rights have been sold within the last 24 months
when determining if the limit has been met. A Senior Vice President or higher may make an exception to the dollar amount or number of loans an individual may have with Flagstar Bank. |
| Affiliated Mortgage | Credit | Multiple Mortgages to Same Borrower | 401.04 Maximum Number of Loans to One Borrower: The maximum number of loans that Affiliated Mortgage will purchase from one borrower is four (4). |
| Wells Fargo | Credit | Multiple Mortgages to Same Borrower | The following guidelines apply to the number of 1-4 unit properties financed with Wells Fargo and all other lenders. All financed 1-4 unit properties for all borrowers on the loan transaction must be included in the total. There are no restrictions on the number of properties that the borrower owns free and clear.
* Primary unlimited * 2nd Home 4 (including primary) * Investment 4 (including primary |
| TIB | Credit | Multiple Mortgages to Same Borrower | Due to portfolio risk, Hyperion will make no more than 2 loans per borrower. |
| Mortgage Services III | Credit | Multiple Mortgages to Same Borrower | Owner-Occupied Primary Residence
*When the subject property is an owner-occupied primary residence, there is no limitation on the number of 1-4 unit financed properties in which the borrower may have an individual or joint ownership.
Second Home Investment Properties
*When the subject property is a second home or investment property, MSI will permit the borrower to have no more than 4 financed properties that are individually, jointly owned or LLC-owned.
Notes:
*Joint ownership is considered against the maximum.
*Any liability on the personal credit report will also be considered against the maximum. |
| Sydion Financial | Credit | Multiple Mortgages to Same Borrower | If the mortgage is secured by the borrower’s primary residence, the borrower may not own more than 10 properties
(including the subject property) that are currently financed. If the mortgage is secured by a second home or an
investment property, the borrower may not own more than 4 properties (including his or her primary residence) that
are currently being financed. Joint ownership in residential real estate is considered the same as total ownership of an
individual property. The financed property limits apply to any combination of ownership in 1-4 family properties, not
ownership in commercial or multifamily (more than 4 dwelling units). |