Does FM’s guidelines for purchase take into account what is happening behind the loan they are purchasing (aka 2nd position)? I’m guessing that FM can buy a $417K first mtg. that is part of an 80/20 deal (to the extent that 80/20’s are going to be made) and that will be conforming even with a $104K second mtg. sitting behind it, for a total loan of $521K.
