Asheville real estate investors benefit from Fannie Mae rule change

by Sparkdog ~ February 11th, 2009. Filed under: Asheville real estate news.

Beginning on March 1, 2009, Asheville real estate investors will be allowed to own up to 10 properties, using conforming Fannie Mae loans, under the new Fannie Mae rules.  Until this change, investors had been able to hold only four properties using conforming Fannie Mae loans.  This is a return to the rules we operated under prior to August 2008.

And that change, in August 2008, sidelined a lot of veteran property owners who would normally have been more active in this downturn, so this is a good change.

Here’s the link to an account of the change in Fannie Mae lending rules at the Dealmakers Blog.

– Clark Mackey, Sparkdog

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4 Responses to Asheville real estate investors benefit from Fannie Mae rule change

  1. Steve Bourke
    February 13th, 2009 at 10:40 am

    Thanks for posting this announcement. According to Fannie Mae’s Announcement 09-02 - this also pertains to second home borrowers: “Fannie Mae is modifying this policy to allow investor and second home borrowers to own five to ten financed properties if they meet certain eligibility and underwriting and delivery requirements as outlined in this Announcement.” For complete details, visit the Fannie Mae Policy Change link in the blog article above.

  2. Marc Sadovsky
    February 14th, 2009 at 6:55 pm

    I thought your blog was very interesting, since I am a Florida resident looking to buy a vacation home in Western North Carolina. A couple of thoughts: 1) It is hard for many people to find work up there. There’s just no job market for some. 2) Your article pointed out that we Floridians are into beaches and sunshine. This is true. We’re not used to driving on snow and ice. 3) Home sales in Florida are still sucking swamp water. Many people have negative equity in their homes and if they could sell, of course they still need a buyer. In my position it will probably make sense to look at a vacation home outside of Asheville somewhere as opposed to moving outright.

  3. Art
    April 16th, 2009 at 1:12 pm

    Great news, but which lenders have adopted this in their internal guidelines?

  4. Steve Bourke
    April 16th, 2009 at 1:43 pm

    Art, are you looking for lenders locally in Asheville or are you looking for national lenders in general? We are researching this for you. Thanks, Steve

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