Monday, February 9, 2009

Investor Update on Fannie Mae Loans

This info was sent to me by our in house lender, Carolyn Haley with Fairway Mortgage. If you are interested investment property and need a loan, call her and then call me to find the property. In fact, I have a new listing at 1854 Rodeo Ct. in Frontier Estates, 3 bed, 2 bath, 1 car garage around 1000 sq. feet, split bedroom plan, cathedral ceiling, built in 1992. Everything original except garage door (I think) for a spectacular price of $100,000! Anyway here's the info from Carolyn.

Effective 3/1/2009

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.

Fannie Mae’s current policy limits the number of one- to four-unit financed properties in which the borrower may have an individual or joint ownership interest to four financed properties when the mortgage being delivered to Fannie Mae is secured by an investment property or second home.

Carolynn Haley
Mortgage Loan Originator
(850) 556-0705 (cellular)
(866) 201-4664 (e-fax)
(850) 701-2663 (office)
Fairway Independent Mortgage Company

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