With the 12 month seasoning requirement, you may be dealing with lenders that are trying to create conforming loans that they can sell on the secondary market (i.e. fannie/freddie loans). 

If your talking about getting a conforming mortrgage (30 year low rate), you must have 20% equity.  

Kudos,Mary Actually he can he can do a conventional first mortgage at 80% through any bank that funds agency loans sold on the secondary market to fannie mae and or freddie mac and stack it with a 10% second through TCF bank and have no monthly mortgage insurance.TCF Bank:1 or 2 units maxmust be primary residencemin 700 fico middle scorerates as low as 4.24% if your combined loans are 89.99% LTV then its 5.24% (1.99% + prime) interest onlyMax 18%adjustable monthly, payment interest onlyOption two is he can use a conventional MCM mortgage if his income conforms with local median incomes and if he is a first time buyer you can buy 1-4 units as primary with only 5% down (subject to MI company) and potentially no MI if structured correctly.

They do this by purchasing residential mortgages that conform to certain standards from lenders, and then either hold these mortgages or use them to issue MBSs to be traded in the capital markets.

Refuse to conform to the modern day slavery !

Just the act of filing even if you do not go through with the BK or if you get conformation of your case and it gets dismissed for non-payment down the road it still counts as a BK on your credit.

So now I'm questioning how the bank can legitimately sell the property that shows per platted parcel boundaries as being non-conforming AND under private ownership.  

It's not conforming, that's why it is not selling.

Those are loans that conform to Fannie/Freddie rules and will give you 30 year fixed rate loans. 

General conception, class of buyersHas nothing to do with conforming, has to do with financial abilities.