Homebridge is pleased to announce an improvement to our requirements that apply to first time homebuyers purchasing an investment property on Fannie Mae transactions.
Homebridge will no longer limit the amount of rental income that may be used for qualifying when the borrower is a first time homebuyer purchasing an investment property. Fannie Mae guidance will now apply except when the property is in one of the following locations:
- New York: The property is located in one of the 5 boroughs of New York City:
- Bronx,
- Brooklyn (Kings county),
- Manhattan,
- Queens, or
- Staten Island (Richmond county), OR
- California: The property is located in one of the following California counties:
- Alameda,
- Contra Costa,
- Fresno,
- Los Angeles,
- Riverside,
- San Diego, or
- Santa Clara
NOTE: Properties located in New York or California that are not in one of the boroughs or counties listed above, the use of rental income for qualifying is not restricted and DU Findings will apply
If the property is in one of the locations identified above and the borrower is a first time homebuyer and they are purchasing an investment property Homebridge current policy limiting the rental income eligible for qualifying continues to apply:
- 1-unit: No rental income may be used for qualifying
- 2-units: Rental income from 1-unit only
- 3-units: Rental income from 2-units only
- 4-units: Rental income from 3-units only
NOTE: A first time homebuyer is defined as at least one borrower responds “no
