Act now: Changes will cost investors
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Here’s an investor heads-up from longtime syndicated newspaper columnist Ken Harney that ran over at Realty Times.
If you’re planning to buy investment property and financing it through a lender who sells to Fannie Mae, keep the date Dec. 1 in mind. Nail down your mortgage commitments quickly -- in the next six weeks if you can. That’s because Fannie -- who’s traditionally been a key source of funding -- plans to load on extra fees across the board for investor loans purchased after Dec. 1 because of market conditions. Freddie Mac is imposing similar fees, but its increases take effect Nov. 7.
There are also other rule changes. The article is worth a look if you are considering buying investment property anytime soon.
-- Lauren Beale
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