Financing Up To 10 Properties Is Available Again.
February 09, 2009
Phoenix investors have more financing options as restrictions are reduced.
For a while now owners of 4 or more properties were out of luck in term of good financing: lenders perceived investors and multi property owners as more risky then those who had less then 4:those who had 4 or more had to have a much higher down-payment and very high interest loans from unconventional, often private portfolio, lenders: financing, which often made the purchase notworth it.
The great news now is that Fannie Mae will allow up to 10 financed properties, again. This is a good move because it, along with some reasonable lending guidelines will allow those in a position to, like investor, to buy more properties in this very attractive buyers market. This will help reduce inventory which will be good for everyone: everyone.
For most purchases the lending criteria is still high, requiring excellent credit, strong reserves and a down-payment of around 20-30%
There are some homes and multifamily properties that qualify for HomePath which has lower credit and lower down-payment requirements. Inventory of HomePath qualified properties is in the in the hundreds.
Either way some buyers and investors shut out of the market can now take advantage of prices often below replacement cost and cash flow positive: a investment dream long not attainable in years past.
If you need contact information to highly qualified lenders contact us, and of course we can help you make the purchase.
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