Fannie Mae to the Rescue! Fannie Mae to Up Limit on Multiple Mortgages to Same Investor
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 Monday 2/9/2009.
The reserve and qualifying criteria for the 5-10 loan range will be more stringent, as well as the down payment requirements. Still – a major improvement over 4 properties. This should make a real dent in the uptake of the excellent deals available in some markets by experienced investors. 2009 is shaping up to be better already – at least for real estate buyers.
Announcement 09-02, Updates to Multiple Mortgages to the Same Borrower Policy, Reserve Requirements, Reserves Definition, and Form 3170 .
4 Comments on this post
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Thomas Martin said:
Yes, I just heard the same thing. I think its a good idea and it will help remove somone of the inventory.
February 7th, 2009 at 11:11 am -
MC said:
Fannie states they’ve removed the loan limit though none of the banks or loan officers at these banks are aware of or are offering? So in essence we still can’t take advantage of this..
March 11th, 2009 at 8:02 am -
Art said:
Great news, but which lenders have adopted this in their internal guidelines?
April 16th, 2009 at 1:11 pm -
Adiel Gorel said:
As of April 25th – no lenders!!!! Can you believe it? We finally have something which could make a difference and everyone is taking their sweet time getting it to fruition. One of our investors just found a great bargain and can’t buy it since he owns over 4 and under 10 and nothing is ready yet. They keep saying “Any day now!”. Infuriating!
April 24th, 2009 at 7:26 pm
