Thanks to the biggerpo blogger who announced that Freddie Mac will cap the number of mortgages at three plus the property applied for. It is currently 10 and has been for many years but prior to 10 the limit was 4.
I know someone that just put a contract on a beach home in Florida. Hopefully he doesn't need conventional financing or has the 20% down to finance the property since the insurance companies aren't writing insurance for rental properties in Florida--PMI for one.
Apparently Fannie Mae will follow suit. Aren't about 80% of the mortgages in the country unwritten by these two groups?
Wondered how any of you are affected. Thanks for the heads up biggerpo.
For such a stringent law, doesn't it still seemed so muddled?
Absolutely affected. We're all affected!
Unless an investor can keep getting their loans underwritten, approved, and serviced by a portfolio lender who isn't demanding everything go through D.U. -- then this just sucks. Plain and simple.