Bulletin 15-28 originally issued on July 10, 2015 has been updated to revise the effective date for submissions.
HomeBridge will be making a change to our FNMA investment purchase First Time Homebuyer requirements.
Effective for submissions dated on or after July 16, 2015, FNMA first time homebuyers will no longer be able to use rental income to qualify on investment purchases. FNMA first time homebuyers purchasing investment property must qualify without the use of any rental income from the subject property. Existing pipeline with submission dates prior to 7/16 will not be impacted by this change.
As a reminder, the definition of a first time homebuyer is where at least one of the borrower(s) responds “no