ATR home loan under Trust

Posted By: Nicole

ATR home loan under Trust - 08/05/20 09:08 PM

We received an application to purchase primary residence and will be under Trust name. We only received tax returns for the Trust itself and income is all interest income. Would we have to do a DTI for ATR purposes? Normally when using business tax returns we do a DSCR. We are not using any of the borrowers personal income to qualify them?

Thank you
Posted By: rlcarey

Re: ATR home loan under Trust - 08/05/20 10:05 PM

Is this a revocable trust? What happens to your loan when the grantors revoke the trust?
Posted By: Nicole

Re: ATR home loan under Trust - 08/06/20 02:53 PM

its a non revocable trust
Posted By: rlcarey

Re: ATR home loan under Trust - 08/06/20 04:25 PM

Typically, non-revolving trusts are not consumers under Regulation Z.