New Tax Credit for First-time Homebuyers Available
(July 30, 2008) A $7,500 tax credit is now available for any qualified purchase between April 8, 2008 and June 30, 2009, as part of the Housing and Economic Recovery Act of 2008.
GREAT NEWS--FANNIE MAE TO ALLOW UP TO 10 FINANCED PROPERTIES
GREAT NEWS--FANNIE MAE TO ALLOW UP TO 10 FINANCED PROPERTIESGive me a call--I'll be pleased to provide more FNMA details and search for the right property for you. Also you can visit www.thechaseadvantage.com to conduct your own search.
One of the biggest hurdles many solvent investors have had these days is Fannie Mae’s (FNMA) limitation on the number of one- to four-unit financed properties. This limit dropped to four properties over the last year or so, which has hamstrung many investors looking to add to their real estate portfolio.
However, according to FNMA Announcement 09-02, borrowers may now have up to ten financed properties without having to pay the higher rates of private or hard-money resources. In the current lower price and low rate environment, this increased limit is an extremely beneficial change.
For those looking to purchase more properties, this new limit also comes with some new guidelines:
- Minimum credit score is 720
- The borrower(s) cannot have had a bankruptcy or foreclosure in the past seven years
- There can be no mortgage delinquencies (30-days or greater) within the past 12 months on any mortgage loan
- Maximum loan to value is 75% for purchase of a 1 unit second home or investment property
- Maximum loan to value is 70% for purchase of a 2-4 unit investment property
- Full income documentation is required including most recent two-year’s IRS 1040’s
- Refinances are allowed on a no cash-out basis and with a loan to value limit of 70%.
REAL ESTATE: Analysts warn of commercial meltdown
Even as a massive government intervention attempts to buttress teetering banks, several recent reports indicate a new crisis is looming that could further destabilize lenders and hamper rescue efforts.
More than $218 billion worth of loans for commercial and multifamily properties across the nation will mature over the next 12 months, according to a report released Monday by the Mortgage Bankers Association.
Many of the loans maturing will require developers to make lump payments of several millions of dollars.
With vacancy rates raising, the developers who used those loans to build office buildings and strip malls might struggle to pay off those mortgages.
If they can't pay and banks are unwilling to modify loan agreements, lenders could be faced with a large number of commercial loan defaults ---- in addition to the foreclosures on homes that have already sent the economy into the most painful recession in decades.
To read entire article click here
More than $218 billion worth of loans for commercial and multifamily properties across the nation will mature over the next 12 months, according to a report released Monday by the Mortgage Bankers Association.
Many of the loans maturing will require developers to make lump payments of several millions of dollars.
With vacancy rates raising, the developers who used those loans to build office buildings and strip malls might struggle to pay off those mortgages.
If they can't pay and banks are unwilling to modify loan agreements, lenders could be faced with a large number of commercial loan defaults ---- in addition to the foreclosures on homes that have already sent the economy into the most painful recession in decades.
To read entire article click here
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