Some Good News, Some Bad News
It was a week of some good and some bad news for the economy, with investors mixed reactions. Tuesday we got the Q2 productivity numbers: DOWN 0.5%; our Unit Labor Costs were up 2% (costs being up indicates possible inflation). Friday we got July’s Retail Sales...
Important Announcement! Big Changes from Fannie Mae
Fannie Mae has changed the underwriting guidelines for investors who own more the 4 financed properties. The big changes are in bold and I have described the difference with an example of the difference in calculation. A financed property has been redefined as a...
Do You Need 30% Equity in Your Current Home to Buy a New Home?
You need to have 30% equity in your old home before you can buy a new home and also keep the old home. FALSE! Fannie Mae recently decided to change that requirement. Now as long as we can show market rent, even if you are upside down in equity on the current home, you...