Updated over 17 years ago on . Most recent reply
New Lending Criteria - Ouch!
Conventional lending has just got even harder on us investors. In an attempt to recover from the huge losses on all the foreclosures (mostly from the rookie speculators betting on the come), lenders have come out with new criteria for loans.
1. No insurance companies will write PMI (private mortgage insurance) on investment properties.
2. 4-plex units will require a minimum of 25% down.
3. THE WORST OF ALL - You will be limited to 4 properties including your personal residence.
Go to my website and read the blog as it outlines all the details and how it affects us as investors. We also had our lender on our radio show today explaining this new criteria. The podcast will be available early next week if you missed the show.