I was reading my colleague Andy Tolbert's blog last week and came across this new article regarding Fannie Mae expanding their investor loan programs. So I did some independent verification of my own on Fannie Mae's website and sure enough, there it is.
According to new guidelines effective March 1, 2009, Fannie Mae will again allow investors to have conventional loans on up to 10 properties. This is FABULOUS NEWS because currently they are only letting you have 4 mortgages in your name. And if you had several rental properties like I do, you were pretty much are stuck. You couldn't buy anything new of refinance what you had unless you did so with creative financing, subject to, or brought in a partner. Not anymore. Now you will be able to get regular old conventional financing, that is assuming you have acceptable credit and financials ... and from what I read those standards are pretty high right now. But at least this is a step in the RIGHT DIRECTION for a change. Here is the website with the Fannie Mae guideline so that you can read up on it yourself.
It is really about time these bureaucrats in Washington actually did something that makes sense. Somebody needs to buy up all this excess inventory and that somebody isn't your Congressman or local government bureaucrat. That somebody is smart real estate investors. Now get out there and buy something!
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Rob Arnold - Your full service and investor friendly Realtor ® in Orlando and Central Florida.
ABR, CPL, CRB, CSP, GRI, Managing real estate broker, Notary Public
407-389-7318 / 1-877-389-7318 www.SDRhouses.com We Buy Houses Florida
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