The last 18 months have seen tremendous changes in the financial and credit markets – both here in the US and around the world. When the sub-prime and Alt-A mortgage markets crashed, one casualty was investment financing products.
Anderson Lending Group has always offered the most extensive line of investor financing products in the Atlanta mortgage market. As the market has changed, the investment financing options have dried up, in both Georgia and Florida, and across the country. Fannie Mae and Freddie Mac reduced their allowable financed properties owned from 10 to 4. In daily conversations, we have had long discussions with clients about how to obtain financing outside of Alt-A and Fannie/Freddie. Fortunately, this incredibly dark period for Georgia and Florida mortgage financing has ended. Fannie/Freddie have recently raised the allowable financed properties from 4 back to 10.
Recently,Fannie Mae has announced a new and creative way to finally get more real estate investors into more investment properties in an attempt to stimulate our struggling housing market.
Fannie Mae has created a new investment property financing program called Fannie Mae Home Path. This program allows the real estate investor to purchase properties owned and backed by Fannie Mae (properties that are bank owned by Fannie Mae due to a previous foreclosure) at a 10% down payment with no appraisals or mortgage insurance required.
Not all Fannie Mae bank owned properties will qualify. To find out if the property you are interested in purchasing is approved for the program, please go to 10% Down Fannie Mae List.
It is likely that Freddie Mac will announce a similar program soon. The team at Anderson Lending Group can help walk you through financing your investment property. Give us a call today at 404-667-8864 for a free, personalized consultation. You can also apply online using our fast, secure loan application.
