Do you know about the new Fannie Mae 105% refinance loan? Contact a local mortgage broker to check out the rules. If you don’t have a local broker, log onto NAMB.org to find a local chapter near you; they can help you find a broker.

If you are a real estate investor and trying to obtain conventional lending, here are 3 considerations to keep in mind about today’s market.

1. You can now have up to 10 investor loans that are Fannie Mae (government backed) provided they are full doc (income verified, assets, tax returns etc)
2. The days of no money down are done. If you are buying real estate as an investment, you better have 25-30% down or don’t bother with bank financing.
3. New limits. Used to be the maximum loan amount from a conventional lender is $417K. Today there is talk about raising this to $719K

Creative financing is alive and well for investors who seek to buy and hold. Know your options both on conventional lending and creative financing before you buy!

This entry was posted on Monday, April 27th, 2009 at 12:42 am and is filed under Investing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.