the wasserblawg

While I may have my doubts about the proposed home buyer tax credit, I have no such doubt about Fannie Mae's latest pronouncement . On Friday, Fannie Mae announced that it is removing the "four property" cap it imposed on real estate investors last year and will now fund loans to " high-credit quality, bona fide investors " for the purchase of up to ten investment properties. The loan guidelines are reported as: 720 minimum credit score 75% maximum loan to value for purchases 70% maximum loan to value for refi's , including "cash-outs," to the limit ( ok , that assumes that you have that still much equity left in the property) Starting March 1, 2009 Ok , truth be told, the four building restriction was only announced last fall and went into effect in December, so it was only a thorn in our sides for what, five weeks? But it most certainly was a thorn in the side of many investors. Why did the government stick it? Lenders needed to try to stem...