Subject: Non Arms Length Transactions - tip of the day.
Good
Morning!
Today is
Wednesday, January 11, 2012
All
wholesale staff is available.
Turn times
are currently 24 hours.
Tip of the
day- Non Arms Length Transaction
Non]arms
length transactions require full documentation, regardless of DU findings.
• Must
document borrower minimum required down payment from personal savings per
agency guidelines.
• Not allowed
on newly constructed second home or investment properties.
• Non]arms
length transactions are transactions in which there is a relationship or
business affiliation between the borrower and any interested party involved in
the transactions. This includes the builder, seller, broker, employer, real
estate agent, appraiser, lender, etc...
Thank
You!
Neil
Johnson
Gateway
Mortgage Group
National
TPO Operations Manager
4201
N. State Hwy 161
Irving,
TX 75038
Office:
972-908-3390 ext. 118
fax#
918-858-8392