Remember how we all blamed investor/flippers using faulty financing for the housing crash?
You know, these are all the bad guys who ran up home prices to their own profit, with no concern for the inevitable fallout; they colluded with overzealous, borderline blind, lenders who gave anybody and everybody a loan with no attention paid to their ability to repay said loan.
That’s all over now. You can’t get a loan without pledging your first born in collateral, and if you’re an investor, you rank somewhere just below Angelo Mozilo.
Or do you? Last month Fannie Mae made a little change in the rules for all-cash buyers to apply for mortgages. I don’t recall a press release, and I’m quite sure I’m on their mailing list. But there it is, “Announcement SEL-2011-5,” a “Selling Guide Update:” Read more
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Debbie Lee
I’ve saved you to my favorites. Look forward to coming back in the future. Thanks.
Things have definitely changed – just about anyone used to be able to get a loan. It’s certainly tougher now to get financing.