NewRez will align with Fannie Mare Announcement SEL-2019-08, effective for new loan case files submitted to Desktop Underwriter on or after the weekend of December 7, 2019.
homeownership education requirements
With this update, at least one borrower must complete homebuyer education for the following transactions:
- HomeReady purchase transactions when all occupying borrowers are first-time homebuyers, regardless of the LTV ration; or
- Purchase transactions with LTV, CLTV, or HCLTV ratios greater than 95% when all borrowers are first-time homebuyers.
rental income policy
Fannie Mae has updated their rental income policy based on the following:
This policy does not apply to HomeReady loans with rental income for an accessory unit.
Please reference the Product Profiles for the changes outlined in this announcement.