Alan Nguyen, Broker/Owner of Infinite Investment Realty, Inc, specializes in the listing and selling of residential properties in San Jose area and greater Bay Area. Whether you’re looking to buy the perfect home or want to maximize your current home sale, Alan is the answer to your real estate needs. Alan also specializes in short sales, foreclosures, and bank owned properties in San Jose, Gilroy, Milpitas, Campbell, Santa Clara, Sunnyvale, Cupertino, Saratoga, Los Gatos, Fremont, Union City, Redwood City.
The answer is yes you can, but it is a matter of finding a lender who offers the 5-10 properties program.
In 2009, Fannie Mae raised the maximum number of financed properties from 4 to 10. However, most lenders are not offering the 5-10 properties program, even though Fannie Mae says it will buy the loans. Here is why:
The underwriting of a 5-property-owning is hard work. Paperwork submissions with complex tax returns, rental properties, and other more detail to verify make it rather unattractive. It is no surprise that most banks don’t do it, but a few of the nation’s banks will. You just have to know where to find them.
In order to purchase and finance a home through Fannie Mae with more than 4 existing financed properties, investors must meet all of the following criteria:
•Own between 5-10 residential properties with financing attached
•Make a 25 percent downpayment on the property; 30 percent for 2-4 unit
•Minimum credit score of 720
•No mortgage lates within the last 12 months on any mortgage
•No bankruptcies or foreclosures in the last 7 years
•2 years of tax returns showing rental income from all rental properties
•6 months of PITI reserves on each of the financed properties
Call me at (408)-835-7743 if you have questions about mortgages with 5 or more properties financed.
California lawmakers extend a $10,000 tax credit to first-time buyers and those purchasing new homes or abandoned and foreclosed homes (none occupied homes).
Signed by Gov. Arnold Schwarzenegger this week, the new law provides $200 million for homes purchased between May 1 and Dec. 31 and between Dec. 31 and Aug. 1, 2011.
The funds will be allocated on a first-come-first-served basis. The credit is not a refund -- like a federal incentive program for first-time home buyers that ends next month -- but will result in a reduction or elimination of state taxes over a three-year period. There are no income limitations and buyers must reside in the home for at least two years.
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