The following is an article by Kenneth Harney published in the San Francisco Chronicle on 3/15. In it, Mr. Harney tells us that the broad refinance program to allow owners to lower payments and avoid foreclosure, will include investment homes (SFHs) that have loans that are on Freddie or Fannie’s existing portfolios. Mr. Harney also [...]
Is a 25-30% Down Payment Acceptable for New Fannie Mae Backed Loans for Investors with over 4 mortgages?
Many investors are certainly rejoicing in the fact that they can now go in and purchase some ludicrously-priced houses and get good Fannie Mae-backed loans.
However for investors with between 5 and 10 mortgages, the down-payment requirement is 25-30%. Is that acceptable?
We have all been spoiled rotten when credit was flowing like wine and even investors [...]
This is hot off the presses: directly from Fannie Mae’s website.
Apparently Fannie Mae has reconsidered the loan limit for investors. I wonder if everyone’s efforts made a difference.
Fannie Mae will allow investors to hold 5-10 mortgages and still get Fannie Mae backed loans. This apparently will start as of 3/1/2009 and will be announced on [...]
In light of recent efforts by Fannie Mae which include re-opening the discussions of the 4-property limit for investor financing (see post: Kenneth Harney on Rethinking Controversial Limits), and the short-sale speed-up pilot in Orlando (see post: Jerry Jackson of the Orlando Sentinel on Fannie Mae Short Sale Pilot ), there may be some hope that [...]
This was sent to me by Liam Gillen, one of our Orlando realtors. it’s an article in the Orlando Sentinel about Fannie Mae running a pilot to speed short sales processes considerably. This holds promise to everyone thinking of doing a short sale. if the pilot succeeds, hopefully the program will become widespread and cut [...]