Good news for investors. Fannie Mae has modified their investor guidelines to allow up to 10 financed properties to the same borrower.
Previous guidelines allowed financing for only 5 properties and additional property purchases had to be paid for in cash.
The modifications to the guidelines come with a stipulation; the borrower has to have money in the bank for reserves.
- When the borrower will own a total of one to four financed properties, the reserve requirements for PITI (Principle, Interest Taxes and Insurance) are:
- Two months reserves if new property is a 2nd home or
- Six months reserves if new property is an investment property and
- Two months reserves on each other financed second home or investment property.
- When the borrower will own five to ten financed properties, the reserve requirements (PITI) are:
- Two months reserves on new property if it is a second home or
- Six months reserves on new property if it is an investment property and
- Six months of reserves on each other financed second home or investment property.
This guideline change is good news for investors allowing them to purchase additional properties they may not have been able to purchase under the previous guidelines and a welcomed positive step in the right direction to help in reducing some of the excess inventory especially short sales and foreclosure properties.
For more information about Fort Lauderdale Homes for Sale , Investment properties and available Fort Lauderdale condos for sale, contact John Sabia at 954-850-2397.
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Depending on who you ask, real estate in Fort Lauderdale particularly the market for condominiums is not great right now, but the fact of the matter is that the condo market in Ft. Lauderdale is brimming with opportunities. When you take a drive around the area you will notice that there are luxury condos that are priced well below the market.In fact, if you would love a new condominium that is beautiful, spacious, close to restaurants and shopping, and also offers views of the water, you may want to consider the Downtown Las Olas area. This area offers beautiful opportunities such as Las Olas River House, Las Olas Grand, and 350 Las Olas. All of these condo communities will offer you something just a bit different but you can be sure that you’ll get quality all the way!
Other great options that also overlook the New River in the downtown area include Symphony, WaterGarden and Nu River Landing. Nearby across from the downtown financial center and a few short blocks to Las Olas Blvd is The Waverly at Las Olas. The newest addition boasting a contemporary flair is Strada 315.
All of these properties stand out because they offer great amenities, luxurious floor plans, great locations, and beautiful grounds. They say that the most important consideration when buying real estate is “location, location, location†and you simply cannot find a better location in the Ft. Lauderdale area. All of these locations offer high rise views of the water as well as the safety and security of living in a condominium community. Opportunities for Rentals are also available.
Life in Ft. Lauderdale couldn’t get any better than if you lived at the Las Olas River House, Las Olas Grand, or one of the other properties previously listed. If you’re in the market for a new condo it will be well worth your time and energy to look at all of these properties to see just how valuable an investment this could be now as well as in the future.