Our Real Estate Blog

10 properties per investors

March 23rd, 2009 12:07 PM by Lehel Szucs

Fannie Mae is committed to providing financing opportunities for high-credit quality, bona fide investors. Experienced investors play a key role in the housing recovery and Fannie Mae’s continued support for investor borrowers is consistent with its mission to provide stability, liquidity, and affordability to the nation’s housing system.
 
Fannie Mae is updating the policy that pertains to multiple mortgages to the same borrower. Fannie Mae’s current policy limits the number of one- to four-unit financed properties in which the borrower may have an individual or joint ownership interest to four financed properties when the mortgage being delivered to Fannie Mae is secured by an investment property or second home. The limitation on the number of mortgages currently being financed applies to the total number of properties financed, not just the number of mortgages sold to Fannie Mae. Fannie Mae is modifying this policy to allow investor and second home borrowers to own up to ten financed properties if they meet certain eligibility and underwriting and delivery requirements as outlined in this Announcement. Unless otherwise stated, these requirements apply to all mortgage loans whether underwritten manually or through Desktop Underwriter® (DU®)
 
Summary of Requirements
FICO 720 or better
LTV  75%         1 Unit
LTV  70%         2-4 Unit
Borrower must have reserves.
No Bankruptcy in last 7 years
No Foreclosure in last 7 years
No late payments in last 12 months on ANY properties owned
 
 
If you are or know anyone who is an investor looking to buy investment property or a second home give us a call or email.
Posted in:General
Posted by Lehel Szucs on March 23rd, 2009 12:07 PM

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