May

30

Residential lenders are enacting new guidelines for stated income loans in response to new laws in the states of Illinois and Maryland.

Stated income loans are no longer allowed in either state. Self-employed investors, you MUST start showing income on your tax returns so that you can qualify for fully documented mortgage loans.

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May

30

Lenders are cracking down on condo purchases in Florida. Even though there is a ton of inventory and great bargains to be had, it is going to be tougher for investors to get loans.

I just heard from one of my most reliable investor lenders that they have made the following changes to their condo lending guidelines:

* Primary Occupants Only

* Full Documentation Only

* Max LTV of 85%

* If the building has been converted to condos within the last two years, the loan will be declined

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