This just in from Chet Gohd, mortgage broker extraordinaire, and owner of RPM Mortgage in Berkeley.
“I’ve just heard some exciting news and thought I’d pass it along. Fannie Mae, who buys most of the loans which are placed up to $625,500, has just announced that they will be lifting the restrictions for Investor buyers. Currently, there is a maximum amount of loans that a buyer can have (4) and after this is released, the new maximum of 10. There will be higher credit requirements, down payments and reserves required but it will greatly help those of you with well qualified buyers who have been restricted by the maximum 4 financed property rule.”