Effective immediately, the following changes were made to the Venice Guidelines regarding Foreign Nationals:
- Only 2 credit references are required instead of 3
- Only 6 months of reserves are required instead of 12 months
- Only the reserve requirement needs to be moved to a U.S. account prior to closing. The funds for down payment and closing can be wired directly to the title company. Two months of bank statements to source funds for closing and down payment are still required.
- All documents in a foreign language must be translated by a third party. The translator does not need to be certified.
- Borrower only needs to provide 10% of their own funds. The remainder can be gifted. Gift funds cannot be used to meet reserve requirements.
- Interested-party contribution updated to 5% instead of 2%.
- Non-warrantable condos allowed with a 5% reduction in LTV/CLTV (excluding Florida)