Among the proposed exceptions is a carve out around build-to-rent programs, which allow an investor to buy a newly built home as long as it’s occupied by a renter within 18 months of the purchase.
Joe Gormley, Ginnie Mae president and acting FHA commissioner, said recently at the Mortgage Bankers Association’s annual conference in Chicago that the 203(k) renovation program could unlock “a lot of potential,” particularly in urban areas.
Rithm’s residential mortgage unit turned a $604.8 million profit before taxes during the third quarter, more than five times the income the unit generated the prior quarter.
“After the significant and rapid repricing, we find ourselves once again facing a highly attractive investment opportunity,” said Smriti Popenoe, co-CEO and president at Dynex Capital.