Vashon Island Real Estate Finance: Ask Kyle – Buying Up!
January 22, 2009 at 6:42 am Leave a comment
Buying up…
Moving from a starter home to a larger home and retaining the previous residence has been a great strategy for accumulating real estate and creating wealth. The recent phenomenon of buying and bailing in distressed markets has caused Fannie Mae and Freddie Mac to create new guidelines addressing the issue. Unfortunately this also makes it more difficult for homeowners to acquire additional properties. Most lenders are currently looking for 30% equity in the retained property or 6 months of payments (for both houses) in reserves.
Our current market provides a great opportunity to implement this move up strategy. Golf Savings Bank is a portfolio lender that isn’t subject to the same restricted guidelines such as a max of 4 financed properties and the difficulties of retaining a current home.
Give me a call to see how you can take advantage of these low interest rates and great buys.
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Entry filed under: Ask Kyle - Our Mortgage Expert, • Real Estate. Tags: Seattle mortgage, Seattle real estate finance, Vashon Island mortgage, Vashon Island real estate finance, Vashon Island's Ask Kyle.
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