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venomous viper · 06-13-2008, 10:25 AM

I posted this info on that "other " board yesterday with no real reply. I deal with a lot of investors. Several called me yesterday saying that investors got hammered with new laws that go into effect June 13 at 6 p.m. Can anyone on the board that is a mortgage broker confirm?
Investors may no longer finance a home with more than 85% financing. This includes 2nds etc at time of purchase.
The second part was investor may not have more than 4 total real estate loans. It used to be 10. This applies to all freddie mac and fannie mae backed loans.
These 2 changes will further reduce the pool of buyers out there, as investors will not be able to play the game. That will add more negative pressure to the re industry as investors have been a sizeable part of the buyers pool and now they are effectively locked out. Anyone in the business confirm? This will not help the re situation today.

06-13-2008, 10:25 AM	#1
venomous viper Junior Member Join Date: Sep 2007 Location: Cancun, AZ, TX and CA. Posts: 191	new changes on mortgages for investors?? I posted this info on that "other " board yesterday with no real reply. I deal with a lot of investors. Several called me yesterday saying that investors got hammered with new laws that go into effect June 13 at 6 p.m. Can anyone on the board that is a mortgage broker confirm? Investors may no longer finance a home with more than 85% financing. This includes 2nds etc at time of purchase. The second part was investor may not have more than 4 total real estate loans. It used to be 10. This applies to all freddie mac and fannie mae backed loans. These 2 changes will further reduce the pool of buyers out there, as investors will not be able to play the game. That will add more negative pressure to the re industry as investors have been a sizeable part of the buyers pool and now they are effectively locked out. Anyone in the business confirm? This will not help the re situation today.