Comments on: Fannie Mae Increases the Allowance for Financed Properties Owned http://raincityguide.com/2009/02/06/fannie-mae-increases-the-allowance-for-financed-properties-owned/ Seattle's Leading Resource for Real Estate Information Sat, 20 Mar 2010 05:05:28 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Rhonda Porter http://raincityguide.com/2009/02/06/fannie-mae-increases-the-allowance-for-financed-properties-owned/#comment-345133 Rhonda Porter Wed, 24 Feb 2010 00:13:03 +0000 http://raincityguide.com/?p=4787#comment-345133 Neil, sorry for the late response...not sure if your comment became trapped in a spam bin. I believe you would be able to do the cash-out refinance at the time you only have for mortgages on your properties. With non-owner occupied, be prepared for the underwriter to fully scrutinize the transaction--especially if you're layering risk with a cash-out refi. Neil, sorry for the late response…not sure if your comment became trapped in a spam bin. I believe you would be able to do the cash-out refinance at the time you only have for mortgages on your properties. With non-owner occupied, be prepared for the underwriter to fully scrutinize the transaction–especially if you’re layering risk with a cash-out refi.

]]> By: Rhonda Porter http://raincityguide.com/2009/02/06/fannie-mae-increases-the-allowance-for-financed-properties-owned/#comment-345132 Rhonda Porter Wed, 24 Feb 2010 00:09:57 +0000 http://raincityguide.com/?p=4787#comment-345132 Amy, that's thanks to lenders underwriting overlays. If your home is located in Washington State, I have a resource. Amy, that’s thanks to lenders underwriting overlays. If your home is located in Washington State, I have a resource.

]]> By: Amy shafer http://raincityguide.com/2009/02/06/fannie-mae-increases-the-allowance-for-financed-properties-owned/#comment-345131 Amy shafer Tue, 23 Feb 2010 23:23:21 +0000 http://raincityguide.com/?p=4787#comment-345131 Now that Fannie has increased the # of financed properties you can have, what lender offers this? I have checked with Wells Fargo and several others and they still say max. # of properites is 4. Now that Fannie has increased the # of financed properties you can have,
what lender offers this? I have checked with Wells Fargo and several
others and they still say max. # of properites is 4.

]]> By: Nell http://raincityguide.com/2009/02/06/fannie-mae-increases-the-allowance-for-financed-properties-owned/#comment-339672 Nell Wed, 13 May 2009 06:05:07 +0000 http://raincityguide.com/?p=4787#comment-339672 I have five properties: my residence and four investment (rental) properties. All of them have mortgages. As it stands now, it appears that I cannot do any cash-back refinances that involve Fannie Mae. Question: If I pay off one of the properties, and own that property free and clear, I will have five properties, but only four financed properties. So at that point can I do a cash-back Fannie Mae refinance on one of the four financed properties? I have five properties: my residence and four investment (rental) properties. All of them have mortgages. As it stands now, it appears that I cannot do any cash-back refinances that involve Fannie Mae.

Question: If I pay off one of the properties, and own that property free and clear, I will have five properties, but only four financed properties. So at that point can I do a cash-back Fannie Mae refinance on one of the four financed properties?

]]> By: Art http://raincityguide.com/2009/02/06/fannie-mae-increases-the-allowance-for-financed-properties-owned/#comment-338880 Art Thu, 16 Apr 2009 18:07:36 +0000 http://raincityguide.com/?p=4787#comment-338880 Great news, but which lenders have adopted this in their internal guidelines? Great news, but which lenders have adopted this in their internal guidelines?

]]> By: Rhonda Porter http://raincityguide.com/2009/02/06/fannie-mae-increases-the-allowance-for-financed-properties-owned/#comment-335818 Rhonda Porter Mon, 23 Feb 2009 16:06:57 +0000 http://raincityguide.com/?p=4787#comment-335818 Esko, <a href="http://www.raincityguide.com/2009/02/10/underwriting-update-for-financing-of-investment-property-with-fannie-mae/">the reserves required for investment property/second homes are still pretty steep with Fannie Mae</a>... I wouldn't call this a real easing. It is good that they increased the number of allowed units because investors with more than 4 financed properties (it could be 1-owner occ/1-vacation home and 3 rentals) were not able to refinance any of their properties. Lower mortgage payments will help some folks through these economic challenging times. And, as you mentioned, there are some opportunities for well qualified investors. Esko, the reserves required for investment property/second homes are still pretty steep with Fannie Mae… I wouldn’t call this a real easing. It is good that they increased the number of allowed units because investors with more than 4 financed properties (it could be 1-owner occ/1-vacation home and 3 rentals) were not able to refinance any of their properties. Lower mortgage payments will help some folks through these economic challenging times. And, as you mentioned, there are some opportunities for well qualified investors.

]]> By: Esko http://raincityguide.com/2009/02/06/fannie-mae-increases-the-allowance-for-financed-properties-owned/#comment-335793 Esko Mon, 23 Feb 2009 00:26:21 +0000 http://raincityguide.com/?p=4787#comment-335793 Rhonda, Overall, it's a good sign that Fannie Mae is starting to ease on its mortgage loan guidelines. Even though the requirements on this one still remain rather tough, it ought to attract more investors to the real estate market. We really need to stimulate demand that would then absorb slowly but surely the excess inventory. Rhonda,

Overall, it’s a good sign that Fannie Mae is starting to ease on its mortgage loan guidelines. Even though the requirements on this one still remain rather tough, it ought to attract more investors to the real estate market. We really need to stimulate demand that would then absorb slowly but surely the excess inventory.

]]> By: Underwriting Update for Financing of Investment Property with Fannie Mae | Rain City Guide http://raincityguide.com/2009/02/06/fannie-mae-increases-the-allowance-for-financed-properties-owned/#comment-334364 Underwriting Update for Financing of Investment Property with Fannie Mae | Rain City Guide Tue, 10 Feb 2009 21:05:16 +0000 http://raincityguide.com/?p=4787#comment-334364 [...] Similar PostsFannie Mae Increases the Allowance for Financed Properties Owned [...] [...] Similar PostsFannie Mae Increases the Allowance for Financed Properties Owned [...]

]]> By: Sallie Mae Increases the Number of Houses You May Own | Lynnwood Washington Real Estate Blog http://raincityguide.com/2009/02/06/fannie-mae-increases-the-allowance-for-financed-properties-owned/#comment-334027 Sallie Mae Increases the Number of Houses You May Own | Lynnwood Washington Real Estate Blog Sun, 08 Feb 2009 16:40:25 +0000 http://raincityguide.com/?p=4787#comment-334027 [...] in February 8th, 2009 Posted by Jacquie in Banking industry, Loans I have to thank Rhonda over at Rain City Guide for breaking this news to me.  It looks like on Friday, Sallie Mae revised its rules and now [...] [...] in February 8th, 2009 Posted by Jacquie in Banking industry, Loans I have to thank Rhonda over at Rain City Guide for breaking this news to me.  It looks like on Friday, Sallie Mae revised its rules and now [...]

]]> By: Fannie Mae Increases Investment Loan Allowance « Tempe Agent News http://raincityguide.com/2009/02/06/fannie-mae-increases-the-allowance-for-financed-properties-owned/#comment-333834 Fannie Mae Increases Investment Loan Allowance « Tempe Agent News Sat, 07 Feb 2009 03:21:48 +0000 http://raincityguide.com/?p=4787#comment-333834 [...] However, Fannie Mae has just increased the number of allowable conventional loans, now allowing from 5 to 10 with a 720 minimum credit score.  Check out more info here from Rhonda Porter at Rain City Guide. [...] [...] However, Fannie Mae has just increased the number of allowable conventional loans, now allowing from 5 to 10 with a 720 minimum credit score.  Check out more info here from Rhonda Porter at Rain City Guide. [...]

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