Big news for Real Estate investors!
Fannie Mae has released an update to current investor limitations. Currently you can have no more than 4 mortgages on properties, in the April release Fannie Mae has amended that back to 10 properties with mortgages! There are restrictions what I am aware of right now is, 720 minimum credit score, no mortgage lates in the last 12 months, 30% down, 6 months reserves, no bankruptcy or foreclosures for last 7 years.
While these are pretty strict guidelines they open the doorway to investors to start buying again. What a great way to get investor clients excited for the 2009 buying season, reach out to them and let them know in April these will be available. Here is an excerpt from the announcement.
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.
Now is a great time to buy! Please do not hesitate to contact me with any questions.
Your friend in the Real Estate business,
Shelli Dore
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...Remember! The next time you are in a conversation with someone who is thinking about a move - IN ANY CITY OR STATE IN THE US OR CANADA - call me first! I can help make sure your friends, family members and work associates are very well taken care of.