My lovely friends at First Financial Services, Inc. just told me that Fannie Mae and Freddie Mac are tightening the rules on investor mortgages. Previously, as an investor, you were allowed to have up to 10 mortgages plus your primary residence loan. They changed it to FOUR last week or the week before. That's a big difference!! And it's open to interpretation. Some banks are allowing the primary residence mortgage plus four investment mortgages and other banks are saying four mortgages INCLUDING your primary residence mortgage. Oh boy. It's about to get crazier out there.
BTW-my broker recently sent our offices an email about one of the public perceptions of the financial crisis: that there's no money out there for mortgages. Simply: this is NOT TRUE. There is money out there and there's even decent rates. IF you have a good credit score, money for a down payment, and a reasonable debt/income ratio. Which you should have ANYWAY if you're buying a property. Remember..this is an investment. Let's say it together: "AN INVESTMENT".