Yes. However, the property must be held in an Inter Vivos (Living) Revocable Trust. Irrevocable trusts are not permitted. We follow FNMA’s guidance regarding this topic. At least one of the Settlors/Trustors who established the trust must be on the Loan/Note and used to qualify. Trustee(s) may also credit qualify for the loan, so long as they have the power to mortgage the security property for the purpose of securing a loan. All individual borrower(s) must sign the Note itself. The Title/Mortgage will be in the name of the Trust.
All trust formation documents need to be emailed to [email protected] for review. A Change of Circumstance (CoC) is required adding the Trust Attorney Review fee of $250.