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If you paid cash for a home within the last 6 months and want to take "cash out", you can. It's because of a new mortgage allowance named the Delayed Financing Rule. The standard 6-month seasoning requirement on home purchases has been eliminated.
Fannie Mae's standard mortgage guidelines include its 5-10 Properties Financed Program. Yet, most banks won't offer it to the public. If you've ever been turned down by your bank for having more than 4 properties financed, here's what to do about it.
After you've paid cash for a home, you *can* get your cash back. It's called the Delayed Financing Rule and it's new from Fannie Mae.
In February 2009, Fannie Mae approved investors to finance more than 4 properties at a time. Two years later, though, finding a bank that'll do make that loan is tough. You have to search more directly.
Foreclosure-related filings topped 300,000 last month, according to foreclosure-tracking firm RealtyTrac. Nationwide, 1 in every 418 households was served some form of foreclosure notice but -- as always -- foreclosures are more common in some areas than others. In February 2010, 4 states accounted for more than half of the country's foreclosure-related activity
Effective immediately, Fannie Mae is rescinding its 4-financed-property per person restriction.
