Fannie Mae is rolling out new lending guidelines Tuesday, September 1, 2009.
Being approved for a home loan could be much more difficult. The new rules mark the first major underwriting update since April of this year. The changes are mostly geared at fraud prevention.
Among the updates:
- Stock options are no longer eligible for “reserves”
- Relocating families can’t use the “trailing” spouse’s projected income
- “Tip” income must be documented and verified
- Lenders must call employers to verify employment
- Lenders must verify tax transcripts against IRS records
But there are other changes, too. As examples:
- Owners and buyers of 2-unit homes are subject to new minimum FICOs with larger downpayment and equity requirements.
- Only 70% of stock, bond and mutual values may be used as reserves
- Only 60% of retirement assets may be used as reserves
Not everyone that qualifies for a mortgage on
Monday, August 31 will qualify on Tuesday, September 1.
Read the complete Fannie Mae announcement online.
Please call me with any questions 813 784 7744
A friend, author and colleague of mine Dan Auito, just released a new Real Estate Investing Book called
“Be A Real Estate Heavyweight.”
This is a real estate investing tool and resource. Learn how to invest in foreclosures and bank-owned REOs
There are many wanna be real estate investors out there and in today’s Real Estate Market it’s no wonder why everyone wants to get in on the foreclosure boom! We may never see another market crash, especially here in Tampa Bay, in our lifetime.
Why is Be A Real Estate Heavyweight the BEST Real Estate Investing Book?
This Real Estate Investment book boasts 95 authors that are sharing actual experience that is working in the field TODAY! This is post bubble real estate investing, these are the NEW methods being used NOW.
Click Here for the table of contents!
A brief Example:
Author Article
Jarom Adair ……………………The 7 Great Lies of Real Estate Investing
Peter Vekselman ……………Avoiding Real Estate Mistakes & Pitfalls
Preston Ely …………………….. 7 Steps to Real Estate Riches
Tyler Hicks ………………………How to Get Rich in Real Estate on Zero Cash 100% Financing
This manual gives investors a more comprehensive approach to intelligence gathering. Capitalize on the collective significance of the available information aggregated from some of our brightest real estate investors in their fields today.
In this real estate investing book, he literally maps out
the only systems that are working in
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…And what’s really cool is the way
he explains it and makes it all so EASY
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There’s 2 really good chapters
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download free
chapters.
Whether you are looking to purchase foreclosures, distressed homes, vacation property or a home for you and your family, this guide will give you the knowledge you need.
I’m sure you’ll like this and benefit
from the content …so check it out!
Think you can’t buy a home as an investment? Looking for a creative way to take advantage of the #2 in US foreclosure market?
Use a Tampa Realtor with IRA investing experience. I attended a 3 hour seminar the other day that wasvery informative.
Here are some different options you have to buy a home, land or to get a downpayment for a loan using tax deffers IRA’S AND 401K’s.
Your tax deferred and possibly tax free investing choices are:
- land, (raw large parcels or single lots)
- A resale or builder inventory home (use as rental only)
- Commercial property that you lease out.
Downfall:
The most important thing to remember is that you cannot live in the home. It has to be an investment, therefore a rental home, or vacant land are some of your options for purchasing. You can’t even use a beach house for personal use. It has to be a rental property under the guidelines.
How do I use my 401K to buy real estate?
Move your 401K to a Self Directed IRA. Can only be done if you no longer work at previous job.
Need a downpayment of to get a Conventional or FHA loan?
You can borrow 50K or 50% whichever is less from your 401K
You can also use your business partner or spouse’s IRA for a downpayment or to pay cash for a property. You have 50K, they have 150K, save closings costs from lenders which can be 3-6% of the total purchase price.
Right now in Pinellas, Hillsborough and Pasco Couties there are 7,309 properties that are 200K or under, 3 bedroom 2 bath.
If you have been thinking of buying land or rental homes and commercial properties in the Tampa Bay Area please give us a call to discuss your options. 813 784 7744
Rae Catanese, Realtor Emai: realtyrae@yahoo.com
All information is believed to be accurate. Always consult your financial advisior and CPA before making any changes to your assets!
