Fannie Mae Increases Number of Mortgages: Real Estate Investors are Back in the Game
By Marla Barch, CMPS, America’s Mortgage Choice 773.617.2424
Chicago, IL - Fannie Mae, the mortgage giant currently under government control, has made a major change to their qualification guidelines, allowing real estate investors to get back into the game. A residential real estate purchaser can now qualify for up to ten (10) residential mortgages under Fannie Mae’s revised guidelines, drastically increasing the previous cap of four (4) mortgages.
“This is great news!” states Veronica Thompson, Chicago real estate investor and Realtor, while viewing a foreclosed home with a client. She, like millions of others, have been prevented from purchasing additional real estate since Fannie Mae imposed the limit of four (4) mortgages. “I can’t wait to get the word out to my clients.”
Many real estate investors were sent to the sidelines 6 months ago, not because of an unwillingness to buy distressed property, but because they had been told by their mortgage professionals they no longer qualified for mortgages. “It was very difficult to call clients that I’d represented for years on their real estate purchases to tell them that I could no longer help them,” says Marla Barch, Certified Mortgage Planning Specialist (CMPS) and Senior Mortgage Planner at America’s Mortgage Choice in Oakbrook Terrace, IL. “When real estate is your livelihood, and your life line is pulled, you become more worried about survival than your next deal. Today, Fannie Mae plugged back in the life line, allowing investors to take advantage of the best buyer’s market in years.”
The new guidelines also allow real estate investors to refinance their current residential real estate mortgages, taking advantage of the low interest rates and drawing equity out of their investment properties.
America’s Mortgage Choice has set up a 24 hour recorded information line for you to learn more about Fannie Mae’s guideline change. You can access this line by calling 800-833-1925 ext REI (735).
Marla Barch, CMPS can be reached at mbarch@amchq.com, or call 773.617.2424.
For more information on the CMPS Institute go to http://www.cmpsinstitute.org, or call
888-608-9800.
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