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Real Estate Owned

This document shows you the Real Estate Owned screens and gives information about some of the fields. 

Note: If the transaction is a refinance, the subject property should be entered first. 

After you click ADD PROPERTY, the following editable screens will be displayed. 

Here are the drop-down list options for the following fields:

Field Name

Options

Current Occupancy
  • Investment
  • Primary Residence
  • Second Home

Intended Occupancy
  • Investment
  • Primary Residence
  • Second Home
  • Other

Status
  • Pending Sale
  • Retained
  • Sold 

 

Note: This screen is used for the following properties: a 2-4 unit primary residence being refinanced; an investment property being refinanced; a non-subject investment property being retained. The income associated to a 2-4 unit primary residence or investment property being purchased needs to be entered on the 4c. Rental Income on Property you Want to Purchase screen. 

Related Job Aid
Refer to the Subject Property Income section in the Debt-To-Income (DTI) Ratio Calculation Questions job aid for information about rental income from the subject property. Refer to the Rental Income section in the Debt-To-Income (DTI) Ratio Calculation Questions job aid for information about rental income from a non-subject property. 

Note: Most of the fields on this screen can only be edited on the 2c. Liabilities - Credit Cards, Other Debts, and Leases that You Owe screen. 

Related Job Aid
Refer to the Undrawn HELOC Amount section in the Navigating Loan Application Fields job aid for information about how the Credit Limit field is used.