Multi family new guidelines??

[frankysmom]

Going to ATD in 3 weeks, still have a few questions, hope it’s okay to group them.

I spoke to a naca realtor and was told BOA has changed their guidelines and now require 5 months of mortgage for a 3 family and 6 months of mortgage reserves for a 4 family. Can this please be confirmed? Thank you

And

What type of financial information is required of over 21 household members? Bank account/taxes/paystubs? I know their credit is pulled, anything else?

Lastly, we started renting out a spare room, what information will be needed from the roommate? Rent agreement, anything else? (They will not be moving into our new home)

[TTrumble]

Hello frankysmom,

The requirements are still the same. Your MRF must contain at least three months of reserve mortgage payments to buy a multi-family.

The same information is required for the adult household members as is for you.

Bring the rental agreement and note the deposits of the rental income on your bank statements. Make sure you let your counselor know that the renter will con be in the new property so that income can be removed from your affordability calculations.

See you in Queens!

Tim Trumble
Online Operations, NACA
ttrumble@naca.com

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