Fannie Mae Allows 10 Properties Again!
(I wanted to find a sound byte of a choir singing “Alleluia”)
If you remember, in October 2008, Fannie Mae followed Freddie Mac and lowered the number of financed properties a person could hold to only 3 (4 if you include your personal residence). In an exciting and stunning change, Fannie Mae has reversed its decision effecting March 1. As you can imagine, these changes come with some extra hurdles, but that is OK. Read all the details at Rob Bonahoom’s Investment Mortgage Guy Blog.
I have been telling my customers that we would not see this reversed any time soon. I am always a cynic and see the goverment of just getting in the way most of the time, by reducing free trade in place of government regulation. I figured it was going to be a bank sometime in the future that would see a need for borrowing money to people like me that own more than 3 investment properties. Today I am happily wrong!
Alleluia!!
This is great news! Im sure people who make a living by buying to let properties will be rejoicing as much as us.