Over the weekend, we received some very possitive news: Fannie Mae is increasing the maximum number of mortgages on one’s credit report from four back up to the original ten of recent times. We expect Freddie Mac to follow suit very soon. For all the information about Fannie’s new guidelines, check out their recent announcement at https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0902.pdf.
We always knew that Fannie and Freddie would eventually come to their senses and the credit pendulum would swing back towards normalcy. Their previous limit of four mortgages literally stifled veteran investors from buying properties. I know of dozens of investors right here in Pittsburgh not wanting to pull the trigger because they didn’t want to use up one of their precious “four.” Hopefully this will no longer be the issue and we'll see much more investment flowing into this market - which is sorely needs!
For info on selling your home for cash in the Pittsburgh area visit http://www.cashforpittsburghhomes.com/ or call 412-567-2125
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