Dear Primary Residence 2-4 Unit Buyers

Dear Primary Residence 2-4 Unit Buyers

This Conventional loan update got buried in Fannie Mae's other bulletins, and it's worth calling out. If you're not yet familiar with automated underwriting systems ( AUS ), all lenders submit your electronic loan file to AUS for a real-time decision (with rare exceptions). Human underwriters are required for final approval, so they come in later. DU is Desktop Underwriter, which is the main AUS for approving Conventional loan files. This update relates to new logic programmed into DU over the weekend of November 18th. There are a couple of updates, with the most notable directed to multi-unit home buyers purchasing a Primary residence. Whether using a standard Conventional loan or HomeReady (income caps), this update is split between two scenarios: 2 unit and 3-4 unit. F