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Rule Changes Made Easy: Fannie Mae and Freddie Mac have new investment property guidelines.
Publication:
Broker Magazine
Publication Date: 01-JUN-08 |
Format: Online
Delivery: Immediate Online Access |
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Article Excerpt
As lenders tighten their underwriting belts, the rules for residential (one-to-four unit) investment property mortgages get even tougher. I've heard from a lot of brokers questioning whether Fannie Mae and Freddie Mac loans are a realistic option for their investor borrowers.
In response, I believe that Fannie and Freddie mortgages are the best possible options for your borrowers. The rates, terms and products are far superior to almost anything else that you can find in today's market. At the same time, we all know that investment property mortgages are super-high risks for the lenders and investors. These are not easy loans, and they continue to get more restrictive.
The way that I see it, there are two primary challenges: Most loan officers don't know what they are doing, and it's very difficult to squeeze an investor borrower into a set of convoluted and prohibitive rules.
The second challenge is trickiest because you just can't squish some of your clients enough, and they flat out won't qualify. What's best...
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