компютри втора употребаFannie Mae Announces Single National Down Payment Policy;
Replaces Policy Regarding Markets Where Home Prices are Declining

A friend of mine sent me this article the other day and I thought I’d share because it’s important information for where we are right now in real estate! This may help those of us in areas where our buyers have had a hard time getting financing for our deals and lenders have been scrutinizing deals with a microscope!

WASHINGTON, DC — Fannie Mae (FNM/NYSE) today announced a new, national policy on down payment requirements for conventional, conforming mortgages the company will purchase or guarantee. Starting June 1, 2008, Fannie Mae will accept up to 97 percent loan-to-value ratios for conventional, conforming mortgages processed through its Desktop Underwriter® (DU®) automated underwriting system, and 95 percent loan-to-value ratios for loans underwritten outside of DU, in all geographic locations in the United States. The new national down payment policy will supersede the policy the company adopted in December 2007 that required higher down payments in markets where home prices are declining.

Like many homeowners, I got my escrow analysis recently on one of my investment properties (and it wasn’t one that I was doing especially well with in the first place). I’ll tell you right off the bat that it’s got a negative cashflow to begin with. Perhaps one of these days I’ll go into the whole story on why and what the long term exit strategy is.

Long story short, the payments went from $2285.84 to $2811.67.

Oh yeah… and the HOA went from $500/quarter to $533/quarter. I know this doesn’t sound like a lot, but every dollar starts to add up.
So, as of January 1, 2008, the payments have increased from $2452.61 to $2989.34. This means that my payment went up $536.73 every month. And keep in mind, I was upside down every month before. THIS HAD NOTHING TO DO WITH THE MORTGAGE ADJUSTING and I have owned this property for 19 months so there’s no first year adjustment for taxes to take into account.

My first reaction was to get angry – I mean really angry. Are you kidding me? How did this happen? So I quickly called the bank to try and figure out what was going on. They were collecting around $714 per month for taxes and insurance. This is DOUBLE what my taxes and insurance should be. (more…)