Fannie Mae Selling Guide B2-2-07 — First-Generation Homebuyer Loans

fnma-sel-b2-2-07

Fannie Mae Selling Guide B2-2-07 — First-Generation Homebuyer Loans.

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Verbatim provisions from Fannie Mae Selling Guide B2-2-07 — First-Generation Homebuyer Loans — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.

Fannie Mae Selling Guide B2-2-07 — First-Generation Homebuyer Loans

Effective 2024-05-01 · publisher's stamp for this provision

B2-2-07, First-Generation Homebuyer Loans (05/01/2024) Introduction This topic contains information on first-generation homebuyer loans, including: Overview First-Generation Homebuyer Certification Delivery Data Overview A first-generation homebuyer loan is one in which each borrower meets the following requirements: Is purchasing the subject property, Will reside in the subject property as a principal residence, Has had no ownership interest (sole or joint) in another property during the last three years preceding the note date of the loan, and One of the following must also apply: No parent of the borrower has had an ownership interest (sole or joint) in a property in the last three years preceding the note date of the loan, The borrower has aged out of foster care, or The borrower has been emancipated. First-Generation Homebuyer Certification The identification of first-generation homebuyer loans is currently optional for lenders. However, if a lender chooses to do so, the First-Generation Homebuyer Certification (Form 1109) must be completed by each borrower who is applying for the loan. The lender must retain a copy of each completed Form 1109 in the loan file. Delivery Data The lender may report SFC 886 when delivering a first-generation homebuyer loan to Fannie Mae. However, by doing so the lender must ensure that all borrowers on the loan have completed the certification and the certification(s) are in the loan file.

Source: Fannie Mae Selling Guide B2-2-07 — First-Generation Homebuyer Loans · source URL · snapshot 2897f21e1e729b42

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