Posted by Ed Garcia on April 07, 2000 at 02:57:30:
Brian,
I have not heard of what you have just stated. However I will check it out tomorrow.
I must say, since your broker has given you a date that this is to occur. It wouldn’t
surprise me.
I have heard that several lenders are initiating this policy, I just never realized it was
going to be part of Fannie Mae/ Freddie Mac guidelines.
I’m sorry to say that it is now 12:50 p.m. and I’m to tired to go into ways to go
around such a ridiculous rule. But you can bank that there are many ways to skin a cat.
My mortgage broker told me today that as of April 1 Fannie Mae requires that a home be titled to the seller for at least 12 months if the new purchase price for the buyer is significantly more than the sellers purchase price. This would cause a real problem for retail flipping and rehabbing. My mortgage broker said this was in response to Fannie Mae being burned by several investor/appraiser scams.
Tell me this is not so, or if it is how do I get around it.