The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success
  • SPONSORED: GiganticWebsites.com: We Build Sites with THOUSANDS of Unique and Genuinely Useful Articles

    30% to 50% Fastlane-exclusive discounts on WordPress-powered websites with everything included: WordPress setup, design, keyword research, article creation and article publishing. Click HERE to claim.

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 90,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

FHA & FMA rules?

Runum

Legendary Contributor
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
101%
Aug 8, 2007
6,222
6,309
DFW, Texas
National City Mort has the note on my home and sent me a letter asking if I want to refi. I do have a rental prop. that I would like to refi so I called them up. I got switched to about 5 different people but they were all nice. I finally got transferred to the right person. First thing she asked is how many properties I owned including my house. I responded with "I own 4 but only have 3 notes." She said that's good because under the new lending rules I could only OWN 4 properties. I reiterated that I only had 3 notes and what does it matter if I own 30 properties. I still only have 3 notes. She re-emphasized the new Fredie and Fanny rules.

Are those really the new rules? You can only own 4 properties max. whether they have notes or not?

She is still working on a good faith estimate for the prop. I want to refi but I doubt they can do the deal. I'll keep looking at other lenders.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Runum

Legendary Contributor
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
101%
Aug 8, 2007
6,222
6,309
DFW, Texas
Thanks Jason. Everything I have read and heard agrees with your people. Agreed on moving on.:cheers:
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

Latest Posts

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top