First Lien Mortgage Loan Case Study
i. The purchaser may be subject to be reviewed for their credit worthiness and financial capacity and with Fannie Mae’s approval. Unless the transfer is an exempt transaction or involves a property located in Michigan, New Mexico, or Utah that secures a window- period mortgage loan and except in the circumstances below as described in the FNMA servicing guide:
1. any fixed-rate whole first-lien mortgage loan, if the purchase of the Property is financed by obtaining a wraparound or second-lien mortgage loan from an institutional lender (regardless of the date of the commitment under which it was purchased);
2. any fixed-rate whole first-lien mortgage loan that Fannie Mae purchased under a commitment contract dated November 10, 1980, or later,
1. any fixed-rate whole first-lien mortgage loan, if the purchase of the Property is financed by obtaining a wraparound or second-lien mortgage loan from an institutional lender (regardless of the date of the commitment under which it was purchased);
2. any fixed-rate whole first-lien mortgage loan that Fannie Mae purchased under a commitment contract dated November 10, 1980, or later,