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)