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Realtors, Lenders, Investors, Loan Officers - You may not get a loan!

If you are a Realtor, Lender, Builder or investor - read this! This is an excerpt from Citi Mortgage Wholesale Division's recent bulletin. As always, I am sure other lenders will follow suit!

Real Estate Professionals - Applies to InterFirst CES Only

Loans to Real Estate Professionals are subject to the following:

The maximum CLTV permitted is 90%.
Stated income and/or stated assets are not permitted.
The borrower’s income, assets and employment must be verified.
Real Estate Professionals, as used in this policy, include:

Real Estate Brokers, Real Estate Agents, and employees of Real Estate Brokers or Agents

Property Managers and employees of property managers/management companies

Home Improvement Dealers and contractors and their employees

Home Builders and General Contractors, and their employees

Real Estate Investors (Defined as any person who owns more than two properties)

Mortgage Broker or any employee of a mortgage broker.

Principals, officers and employees of any mortgage lender (excludes national banks).

Title company principals, managers, or employees.

Real Estate Appraisers or any employees of real estate appraisers or appraisal management companies.

Posted by Nigel Chapman on 08/28/2007 08:44 PM

Comments (7)

citi mortgage, lending, mortgage, no doc loans, real estate, stated income, remax, nigel chapman, des moines

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7 Comments on Realtors, Lenders, Investors, Loan Officers - You may not get a loan!

Nigel,

Maybe the national banks will be getting BACK into the real estate business. Thanks, Fran

08/28/2007 08:52 PM

by Fran 'The Title Man' Gaspari Title Insurance-PA & NJ (Patriot Land Transfer, Inc.)

Nigel,

I didn't make myself clear. I meant national banks becoming real estate agents. They once did that you know. Thanks, Fran

08/28/2007 08:58 PM

by Fran 'The Title Man' Gaspari Title Insurance-PA & NJ (Patriot Land Transfer, Inc.)

I guess we will have to wait and see on that one! :) Perhaps if they sell homes like they did mortgages, we will be back at work in no time! hehehe

08/28/2007 09:09 PM

by Nigel Chapman (RE/MAX Real Estate Concepts)

Well, FHA at 3% down is starting to look better every day!

08/28/2007 09:11 PM

by Marlow Harris (Seattle Dream Homes)

Nigel,

I don't mean to beat a dead horse, but I just realized how many NEW bank facilities have opened in our area in the last 2 years. I wonder if they are positioning themselves to 'jump into' the realty market? Thanks, Fran

08/28/2007 09:14 PM

by Fran 'The Title Man' Gaspari Title Insurance-PA & NJ (Patriot Land Transfer, Inc.)

I agree with the FHA route. I am re-introducing it to agents in my office. Many of us have not needed FHA in recent years. Until Equity funding is banned or capped (didn't happen last week as thought), I will be doing FHA with 6% equity funding to cover downpayment and closing costs!

08/28/2007 09:22 PM

by Nigel Chapman (RE/MAX Real Estate Concepts)

I had to oil the drawer that the FHA exhibits where kept. Its been a while :=)

08/28/2007 09:34 PM

by Keith Perry - REALTOR® -West Metro Atlanta (Coldwell Banker)

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