|
| Hi Dave,
I am a realtor and I received the following in an email from a mortgage broker: "... Rules and regulations are changing on a daily basis in the Mortgage industry... Definite Changes- As of March 9th 2009, 20% down is required for all second home
Anticipated Changes- Fannie Mae may be raising the number of loans an investor
I have a client who is looking for a second home in my town and I would like to share this information with him, but not as it is. I called her to ask for an article to cite, and she failed to call me back.
|
Follow-Up Postings:
|
| This is the last I've seen. Dave probably has his finger more on the pulse being in the biz. |
Here is a link that might be useful: FannieMae Announcement 09-02
|
- Posted by dave_donhoff (dwdonhoff@hotmail.com) on Tue, Feb 10, 09 at 20:23
| Hi Jo, Bernie's got the same memo I received. I do believe 80% LTV (20% down) is still required on 2nd homes #2-4 (technically... if u/w knows #2 is financed as a 2nd home, #3 & #4 would only be approved as an investor loan anyway.) Loans on properties #5-10 are as itemized on the announcement. Cheers, |
|
| Jo, As you know, DH sits on a Freddie Advisory Board. He says that Freddie is still buying Purchase Money mortgages for second homes at 85%. What's tough is getting the necessary PMI...not impossible, just hard. /tricia |
|
- Posted by pamghatten (My Page) on Thu, Feb 12, 09 at 12:30
| Lots of us just changed to 80% for second homes because the Mortgage Insurance companies changed their guidelines. If I remember correctly, out of 4 insurance companies, there is only 1 left that will insure a second home. And all the mortgage insurance companies are making major changes right now. Fannie Mae is changing to allow people to own more than 4 properties, which was the maximum. But there are many more restrictions. |
Please Note: Only registered members are able to post messages to this forum. If you are a member, please log in. If you aren't yet a member, join now!
Return to the Buying and Selling Homes Forum
Instructions
- You must be a registered member and logged in to post messages on our forums.
- Posting is a two-step process. Once you have composed your message, you will be taken to the preview page. You will then have a chance to review the contents and make changes.
- After posting your message, you may need to refresh the forum page in order to see it.
- It is illegal to post copyrighted material without the owner's consent.
- HTML codes are allowed in the message field only.
- No advertising is allowed in any of the forums.
- If you would like to practice posting or uploading photos, please visit our Test forum.
- If you need assistance, please Contact Us and we will be happy to help.