Properties for sale Gray Maine and everywhere to be affected.

Real Estate Agent with Five Star Realty

There is about to be a major change in investment property... that could put some people who don't plan in a very tough situation.

Freddie Mac has just released information regarding new cuts that become effective on August 1, 2008.  They are now restricting the number of financed properties a borrower can have to four total, including the subject property.  These are 1-4 unit(s) properties, and the current restriction is 10 total properties.

Another change that takes effect at the same time is a seasoning restriction on refinancing an investment property of 6 months.  Currently there is no restriction.

This will have a significant impact on the residential real estate market by limiting everyone, regardless of income, loan to value, credit scores, or assets.

Comments (0)