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Getting Stricter; Fannie Mae has new rules for conversions of residences to investment property.

Publication: Broker Magazine
Publication Date: 01-DEC-08 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Byline: Kim Payne

It used to be easy to retain the old residence when your borrower wanted to move up to something bigger and better. Retaining that residence can make lots of sense. This is often the first venture into the world of owning investment property and becoming a landlord. The residence could also be converted into a second home in many situations; as an example, for empty nesters who have lived in areas where it's cold in the winter and are now moving to the Southern part of the U.S. They can use the former residence as their second home during the hot summer months and come back to the new home down south in the winter months. True snowbirds, if you will....

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