Where will it end? Now speculators are being bailed out too. Are you getting your handout?-Lou
Second homes, investment properties could get Fannie, Freddie refis
The mortgage lenders' mass refinancing programs go beyond owner-occupied primary residences.
March 15, 2009 LA Times
Fannie Mae and Freddie Mac have published the rules governing their upcoming mass refinancing campaigns, and they're more favorable -- especially for owners of second homes and small investment properties -- than indicated by the White House and Treasury last month.
Fannie Mae and Freddie Mac have published the rules governing their upcoming mass refinancing campaigns, and they're more favorable -- especially for owners of second homes and small investment properties -- than indicated by the White House and Treasury last month.
Although initial reports suggested that the refis would be for owner-occupied primary residences, the information sent to lenders March 4 by Fannie and Freddie says second homes and small rental properties are eligible, provided their mortgages already are in the companies' portfolios or securitizations and have been paid on time.
Brad German, a spokesman for Freddie Mac, said second homes and investment properties with one to four units are important because they may "help stabilize neighborhoods and housing markets." Refinancing investor-owned rental units, he added, can "help reduce renter evictions by putting landlords in a refi that improves their chance of success."
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