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

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,
Dave Donhoff
Leverage Planner

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

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.