More Bad News

September 17, 2008 3 Comments

OK, we’ve been trying our best to stay positive in this financial tsunami that we find ourselves in but I think it’s time for Plan B.

Max Number of Financed Properties

Effective December 1st, Fannie Mae’s maximum number of financed properties allowed when the loan is secured by an investment property is 4. If you own more than that and have a hope of buying or refinancing an investment property using a Fannie Mae lender, you must have the loan package submitted no later than October 1st.

If you have more than 4 financed properties and you want to continue to buy or refinance properties using conventional loans, you are sunk. I’ve been preaching a “portfolio loan strategy” to anyone who will listen and I am working on an instructional product that will guide you through the process. ETA is October 1st.

Stated Income

Countrywide was our last conventional lender allowing stated income loans for investors and we got word yesterday that their SIVA (stated income verified asset) program is being discontinued September 17th. This means that conventional lenders are accepting only fully documented (income, employment and assets) loans.

What Do We Do Now?

1.  Show some income on your tax returns if you are self-employed because the stated income loans are going, going, gone.

2. If you have more than three financed properties, you must begin your Portfolio Loan Strategy immediately. I have walked a few subscribers through this process with success so I am working on a course to walk you through the process.

I should have it ready by October 1st.

Visit http://www.getaportfolioloan.com to join the VIP CLUB (ie BIG DISCOUNT and lots of BONUSES) notification list.

3. Keep your head up! We will get through this together. And the conventional lenders can kiss our #%*.

Financing
, , ,

3 Responses to “More Bad News”

  1. Frederick Reply September 18, 2008 at 11:13 am

    I also heard that any property now or previously titled in an LLC is not eligible for a conventional loan. Does this mean that if I sell a property that is titled in an LLC to an individual that will title it in his/her name, they cannot get a conventional loan?

  2. Susan Lassiter-Lyons Reply September 18, 2008 at 11:39 am

    Hi Frederick – No, that rule applies only if you try to refinance it. If you sell it to someone who is an individual and they are obtaining new financing that is not an issue.

    Thanks for posting.
    SLL

  3. Nina Reply September 14, 2011 at 6:58 am

    Thanks for sharing this informative information.
    Nina