The Hits Just Keep Coming

Just got an email from one of our favorite “investor-friendly” conventional lenders (yes, it’s an oxymoron), Vertice. Effective yesterday, they are reducing the max LTV on all investment properties to 80%.

They say this is “in response to changes made by Industry partners” but they are going even more conservative than the recent Freddie/Fannie rules which caps the max LTV on investment properties at 85%.

One of the problems we have run into is that even though the Fannie/Freddie guidelines go to 85%, you can’t find mortgage insurance that goes higher than 80% so I suspect that the Vertice announcement is a reflection of that.

I’ll keep you posted…