Investing can mean a lot of things to a lot of people. For some, real estate investing includes owning multiple family dwellings, buying wholesale bulk property, and bidding at auction on foreclosure or tax lien sales. For others, simply knowing that they bought below a specific percentage of Fair Market Value (FMV) makes them feel like a smart investor. Whatever stage of the investment (Cash Flow) game you are in The Porter Team offers solutions and services to help build your portfolio. We work with principle buyers and educate newcomers.
News Worthy!
Friday, February 6, 2009: Fannie Mae
Effective March 1, 2009, real estate investors can once again finance up to ten individual properties. The four property restriction lift comes with new minimum requirements.
Homeowners buying homes five through ten must meet the following standards, as set forth by Fannie Mae:
- 720 credit score
- 25% downpayment for a 1-unit (30% for a 2-4 unit)
- No mortgage delinquencies in the last 12 months
- 6 months of reserves for each investment property
The rational behind Fannie's decision is that experienced investors will "play a key role in the housing recovery". This should impact the market positively by expiditing the liquidation of foreclosure properties across the nation.
If you have money for a downpayment, good credit and the reserves to qualify let the good times roll!
