Great news for investors!
Fannie Mae Announcement 09-02 February 6, 2009
Amends these Guides: Selling Updates to Multiple Mortgages to the Same Borrower Policy, Reserve Requirements, Reserves Definition, and Form 3170
Fannie Mae is updating its policy that pertains to investors who own multiple properties.
Currently the policy limits the number of 1-4 unit financed properties, in which the borrower may have an individual or joint ownership interest to 4 financed properties, when the mortgage being delivered to Fannie Mae is secured by an investment property or second home. This total applies to the total amount of properties financed not just those financed by Fannie Mae.
“Fannie Mae is modifying this policy to allow investor and second home borrowers to own five to ten financed properties if they meet certain eligibility and underwriting and delivery requirements as outlined in this Announcement. Unless otherwise stated, these requirements apply to all mortgage loans whether underwritten manually or through Desktop Underwriter® (DU®)”
For more and qualifications click this link.
https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0902.pdf
Call your mortgage provider for qualification.
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