Thursday, February 12, 2009

Investors can get more mortgages!

Fannie Mae realizes that investors "can play a key role in the housing recovery", and has changed their guidelines now allowing investors to have up to 10 properties financed! There are some restrictions, like a minimum credit score of 720, and maximum loan to value ratios of 70-75%, no bankruptcy or foreclosure in the past 7 years and no late payments in the last 12 months. Plus, any rental income on properties used to qualify must be supported by 2 years tax returns. But, take note... investors are being welcomed back into the mortgage market!
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