Investment Mortgage Guy

According to the Star and Tribune, median homes prices for the Twin Cities increased from $150,000 in February of 2009 to $159,000 in February of 2010. In general, I agree with the article. I think we will see the median home prices continue to rise as the foreclosures move from inner city properties to the [...]

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I got into work on Monday and see an urgent email from our secondary marketing department (the department at our company that works with all of our lenders)  that stated Wells Fargo was not going to purchase ANY more of our Non-Owner Occupied Loans. Even the ones we had already locked!  Apparently with the new RESPA laws that [...]

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Cornerstone Mortgage is proud to announce the new release of a construction financing package that requires only a 3.5% cash investment.
Here are the highlights of the program:
* 3.5% minimum cash investment
* 680 Minimum credit score
* 40% Debt to income ratio
* Owner occupied loans only
* Properties located in MN only
* Loan amounts up to $350,000
This program [...]

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Many investors have contacted me with the drop in interest rates to see if I can help them refinance their investment property. Unfortunately for most, the equity position in their property is too negative for me too help. Fannie Mae however, has implemented a program called DU Refi Plus to try and help the real [...]

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I get asked this question at least five times a week. Do you think the tax credit will be extended for the first time home buyers? Well folks, it looks like it’s going to happen.
First Time Home Buyer Tax Credit Extension Details
If the Democrats version of the Senate bill is passed when it comes to [...]

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In February 2009, Fannie Mae reversed an earlier October 2008 ruling where they limited the number of properties an investor could have financed to 4. Fannie made it clear in the announcement that they were in support of helping the suffering housing market and that they were serious about financing loans for good risk borrowers [...]

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Starting May 1st, Fannie Mae and Freddie Mac will be implementing a new Home Value Code of Conduct (HVCC) policy on all appraisals. Back on March 3rd, 2008 Fannie Mae announced that it had entered into an agreement with the Office of Federal Housing Enterprise Oversight (OFHEO) and the New York Attorney General adopting the HVCC. The HVCC [...]

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I continue to be impressed at Fannie Mae’s willingness to find creative ways to get more real estate investors into more investment properties in an effort to stimulate our suffering 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 [...]

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On March 4, the Obama administration released an outline of what they are calling the “The Making Home Affordable Program.” There are two parts to this plan. First, if you are current on your mortgage and have good credit, stable income and your loan is currently back by Fannie Mae or Freddie Mac, you will be [...]

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One of the biggest questions I get from real estate investors from week to week as an investment property mortgage coach is:  Can I pull cash out of my investment property?
I will come back to the answer of this question but first want to give you some back ground on investment property financing as a whole that I feel [...]

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