same borrower: Multiple Mortgages for the Same Borrower - Fannie Mae Conventional Guidelines - 05/02/10 02:55 PM
Fannie Mae has clarified it's policy relating to multiple mortgages for the same borrower.  In the Fannie Mae Selling Guide announcement states that the following guidelines must be followed:
The financed property limit applies to any combination of ownership in one- to four-unit properties and is cumulative for all borrowers.  These limitations apply to the total number of properties financed, not just the number of mortgages sold to Fannie Mae.
Example: If the borrower owns two properties and the co-borrower owns three other properties, then the financed property limitation applies.  (The total properties owned in this example is 5.)
The calculation applies to … (2 comments)