FNMA tells Real Estate Investors - Ready, Set, Go!

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Mortgage and Lending with Purchases, First Time Buyers, Pre-Approvals, Refinance

Real Estate Investors - Ready, Set, Go! (edit/delete)

FNMA has made another change that I've been telling many of my clients was coming.

Just announced after hours today, effective April 9, 2009, FNMA is raising the limit of 4 mortgages per borrower back up to 10!

This is great news for investors that want to grab some of the fantastic deals in foreclosures available.

A couple of warnings though:

1.  FNMA has drastically raised the requirements for reserves.

2.  FNMA's earlier annoucement (see my blog) about price increases, means no more zero point deals.

3.  Mortgages under $50k are difficult to get and even more expensive.

Make sure to read the announcement the link below connects to.  Please EMAIL me with your questions as I still haven't had time to get back with everyone that had questions on my email about the FNMA appraisal waiver this morning.

As always, keep me in mind for referrals as I have extensive knowledge and connections for real estate investors.

Oh yeah, for my next prediction (as I'm two for two so far this year) ...

... there's a decent probability that either FNMA or FHA will offer investors rehab financing on foreclosed properties.

Now click on the link and read the fine print:) https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0902.pdf

Posted by

Michigan, Mortgage, Expert, Birmingham, Bloomfield, Detroit, Rochester, Royal Oak, Troy

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Comments (1)

Josh David
Bridgeview Bank Mortgage - Tampa, FL
Purchase Specialist... www.joshdavid.us

Excellent to hear, I"m trying to get out of the mortgage business and into the short sale tsunami. Are you a loan officer/mortgage broker?

JD

Feb 08, 2009 09:03 AM