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.
Nigel,
Maybe the national banks will be getting BACK into the real estate business. Thanks, Fran
Nigel,
I didn't make myself clear. I meant national banks becoming real estate agents. They once did that you know. Thanks, Fran
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
I had to oil the drawer that the FHA exhibits where kept. Its been a while :=)