We are constantly monitoring the marketplace to expand on niches to help our borrowers with programs that are outside the realm, we also have a responsibility to our wholesale lenders to ensure we are delivering a highly qualified loan product.
With that being said, due to recent concerns expressed by FNMA , on July 15th, MortgageDepot.com will temporarily suspend new origination’s of loans where the borrower is a First Time Home Buyer Purchasing an Investment Property AND using Rental Income to qualify whereas the borrower will remain in their currently rented property or remain with current family members living rent free.
Any loan in the pipeline submitted prior to July 15th will remain intact and will not be canceled, but parties involved will need to move in haste to close the loan as quickly as possible.
What will continue as is will be;
- Purchasing a Multi Unit as a Primary and using rental income to qualify,
- Purchasing an Investment Property whereas Rental Income is not used to qualify,
- A Non-FTHB (first time home buyer) purchasing an Investment Property and using rental income to qualify,
- Refinancing an Investment Property and using rental income to qualify,
Of note, we are working with our wholesale lenders to setup protocols on how to immediately return this niche product to our clients.