Fannie Mae (not to be confused with evil cousin Sallie Mae) relaxes mortgage rules for investors.

Image by spike55151 via Flickr

On Feb 9 MortgageDaily.com reported that Mortgage Finance company Fannie Mae will expand the 4 property rule where investors already owning four properties could not finance property number 5 and beyond with its loans. The new expanded rule says you can finance up to 10 investment properties. What this means is that all you investors who have been stuffing your money into the mattress for the last couple of years can go wild again.  Brian Faith, a Fannie Mae spokesman said in an email statement, “Bona-fide, experienced investors bringing significant equity to the table will play a key role in the housing recovery.” Fredie Mac is reported to still has a four-unit limit but they are “looking at it.” Yes, that is a Fanie Mae Chip Clip

Read Full Story at Bloomberg.com

This entry was posted on Wednesday, February 25th, 2009 at 10:21 am and is filed under VT Housing Market Updates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.