After being at a picnic with some fellow investors last night, I decided to look into something I heard. Another investor told me that Fannie Mae/Freddie Mac were putting a new constraint on investors borrowing – a new limit of just four loans (used to be ten). Whaaaaat?????
Yes, it appears to be true. It seems that Fannie Mae, as one of its last acts, decided rewrite its lending guidelines for investment and second home properties. Not only will we be subject to a limit of four loans, we will now pay a nice little mandatory mortgage fee to get one of their loans.
Granted, I can put my loan in my LLC’s name and it won’t count towards one of my four. But have you tried that lately? Just try to find a lender willing to do that lately. Let me know if you have been lucky enough to find a lender still willing to allow me to put the loan in my LLC’s name – one that doesn’t want my first born in exchange for that anyway…
Want more info on how this buyout will effect you as an investor? Check it out at Dan Green’s site: http://www.themortgagereports.com/2008/09/fannie-maes-las.html
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