FNMA (Fannie Mae) opened up a new program that allows investors to have up to 10 properties with mortgage financing existent (or to be existent) on their credit report for the purpose of refinancing and the purchase of new investment properties.

Of course there is a catch, but interestingly enough, not with FNMA. 

Many traditional lenders are so laden down with their own ˜lender overlays', it has, basically, made the new loan program a ˜moot point' as their overlays cancel out FNMA's new guidelines (ergo, they will not honor FNMA guidelines, and thus not provide financing under the new program).

There is, however, a few lenders that have ˜stepped up to the plate˜ and are allowing the financing of these properties.

Financing is available for the following: 1-unit second home and investment property, and 2-4 unit investment properties.