“For whatever reason, we haven’t had a ton of non-permanent residents in the FHA products,” he says. “We probably have at least one a week that fits the conventional box.”
Most of those clients, he explained, are on H-1B work visas and qualify under Fannie Mae and Freddie Mac guidelines, which have not changed under the new rule.
That distinction has provided some reassurance. “I hope it stays that way,” Olaughlin said. “From my day-to-day, I can’t think of more than one person we’ve had to say no to in the last 12 months because of this.”
Still, he cautioned that even if the operational effect is minimal in some offices, the broader implications shouldn’t be ignored.
“That doesn’t mean people aren’t being affected,” he said. “There is a great deal of people impacted by this change, and it’s unfortunate news overall.”
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