Kansas City Real Estate Report» Mortgage & Finance http://kansascityrealestatereport.com The Facts About the Kansas City Real Estate Market Thu, 09 Feb 2012 08:45:23 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Financing for investors with more than 4 properties http://kansascityrealestatereport.com/2009/02/new-financing-for-investors-who-want-more-than/ http://kansascityrealestatereport.com/2009/02/new-financing-for-investors-who-want-more-than/#comments Sun, 22 Feb 2009 19:08:56 +0000 Steve Kornspan http://www.kcrealestatereport.com/?p=495 Effective Friday, February 20, 2009, there is a financing option for borrowers with 5-10 financed properties. Fannie Mae’s standard guidelines restrict the number of financed properties to four. Fannie Mae has recently announced they will allow loans to borrowers that have between 5-10 financed properties, when the new loan meets the criteria listed below. The new Fannie Mae Multiple Property Program is a fixed-and adjustable-rate and term, fully amortizing, conventional conforming first lien mortgage loan program specifically designed for borrowers that own between 5-10 financed properties.

Features of the Fannie Mae Multiple Property Program include:

  • 30-Year Fixed.
  • 5/1 LIBOR ARM available (5/2/5 caps).
  • Second home and investment properties are eligible.
  • Up to 75% LTV purchase transactions.
  • Up to 70% LTV rate/term refinance transactions.
  • Minimum credit score of 720.
  • Borrowers must own between 5-10 financed properties. (This applies to the total number of properties financed, not just the number of mortgages sold to Fannie Mae.)
  • No history of bankruptcy or foreclosure within past 7 years.
  • No delinquencies (30-day or greater) within past 12 months on any mortgage loan.
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