fannie mae changes

By
Real Estate Agent with The Hermann London Group

Fannie Mae changes-

 

-          4 financed properties allowed.

-          A refinance must generate from a person who was originally on title and note from day 1 or you have to wait 6 months to refinance.

-          No cash out for six months.

-          LTVs to 80% have an increased pricing hit of 1.00% to 1.25% which makes 80% obsolete.

-          LTVs need to be at 70% and 75% MAX to be doable.

-          No cash out refinances are still eligible for NO SEASONINGPayoff your renovation loans.

-          Free and Clear homes will have 6 months seasoning.  Always place a lien on it from day one even if you paid cash.  Need to be able to payoff a lien!!!!!

 

 Contact me with financing questions etc,  I will be able to give you whatever informaiton you need, or lead you in the right direction

 

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