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Fannie Mae Does Investor Loans

by admin on November 25, 2009

Ever since the bank/mortgage implosion last year, it has become very difficult for investors to get financing. At first, Fannie Mae set a limit of four mortgages, which meant that investors who had a mortgage on their personal residence plus three more mortgages on investment properties could not get any more loans because Fannie Mae would not buy them from the originating lender. And 99% of lenders would not even think about underwriting new loans if they couldn’t sell them. [click to continue…]

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Is This The Bottom? (Oct/Nov 09)

by admin on November 18, 2009

Thanks to lower home prices — caused by a flood of foreclosures — and the $8,000 tax credit, home sales (and prices) are up slightly in most local real estate markets. However, the increase in prices is only over the last six months. Year-over-year prices are still down 11% for most major markets, including Sacramento, but the lower prices have caused home sales to increase dramatically at the lower end. Many first-time home buyers are now able to buy, and bargain hunters are picking up more investment property in Sacramento. [click to continue…]

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Fannie Mae Is Now a Huge Landlord

by admin on November 11, 2009

Fannie Mae has a new program called “Deed for Lease” where homeowners in foreclosure can stay in their homes as renters if they deed their houses over to Fannie Mae before the foreclosure auction. The program is only for owner-occupants; borrowers must pay market rents and meet income qualifications. (Rents cannot be more than 31% of their gross income.) The initial lease term is one year, then they become month-to-month rentals. [click to continue…]

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