Mortgages
Real estate: Change in mortgage rules lures investors
(FLORIDA TODAY) - A recent change in mortgage rules might help investors get back in the market.
Fannie Mae, a major investor in mortgages whose guidelines are widely followed, has increased the number of financed properties it allows investors to carry, from four to 10.
The change took effect in March, ending the four-property limit imposed in September. The decision was welcomed by the Florida Association of Realtors.
Scott Bray, vice president of residential lending for AmeriBest Mortgage in Satellite Beach, remembers fielding one or two calls a week from investors who wanted to refinance a property or buy a new rental house before the limit was raised.
He had to break the bad news: If the investors owned more than four properties, they couldn’t add a new mortgage or refinance a current one, even if they had money for a down payment
and pristine credit.
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