They do not require a rent track record, but they will do an appraisal on the property that includes a Fannie Mae Form 1007, which is where the appraiser comes up with a market rental figure for the property.

Sounds like you are referring to a non-recourse loan, like a Fannie Mae or Freddie Mac Small Balance Loan.

But if a pure investment property, I haven't heard of being able to do 10% down from a regular Fannie Mae lender.  

This is a great solution for anyone looking to refinance out of an FHA mortgage.Definition of limited cash out refinance:Client is not required to take any cash out but the maximum they can take out is the lessor of 1% of the loan amount or $2,000.Accessory Dwelling Units:Fannie Mae does not currently allow for the use of ADU’s on 2-4 units.

Fannie Mae is coming out with new guidelines to allow 5% down payment on 2-4 unit multi-famiy (Owner-Occupied)...This is huge news at least for an area like San Diego where FHA (3.5% down) can't be used for 3 and 4 unit properties due to self sufficiency rule. 

Fannie Mae guidelines suggest a larger portion of collateral either in the form of a down payment on a purchase or equity on a refinance.

On April 1, 2023, Fannie Mae & Freddie Mac changed their cash-out seasoning requirement from six months to 12 months seasoning.   

This will red flag the system and you may receive a call from fannie mae which will probably not be fun on your part.To avoid that you can refi as an investment (rates are higher) then buy as a primary right away, if you need to buy right after your refinance.If you dont need to buy right away you may refi from FHA to conv as "primary," but just know that you won't be able to file another primary residence for 6 months Min (you could probably make it work by going to another bank but the above fraud issue applies - too much risk dont do it).So beyond the "value," or "LTV," issue you have occupancy issues as well and title track record issues that might come up.what is title track record issues? 

I'm not sure, that would be a construction to permanent loan, not under Fannie Mae guidelines- but they do all types of specialty product loans, so they may have a 'similar' product.

Gerardo here.I'm a New Real Estate Investor from Mexico.I was reading about the latest news that Fannie Mae expects a "mild recession" in the next few quarters.Fannie Mae Expects a Recession as Mortgage Rates Continue to Climb—An Opportunity for Investors?