MULTIPLE PROPERTY OWNERSHIP GUIDELINE CHANGE BY FANNIE MAE/FREDDIE MAC:

In light of all the recent news of Indymac bank failing and more liquidly
issues affecting Government Sponsored Enterprises Fannie Mae and Freddie
Mac here are some mortgage updates you will want to be aware of:

1. MULTIPLE PROPERTY OWNERSHIP GUIDELINE CHANGE: MAX 4 PROPERTIES
2. DECLINING MARKETS NO LONGER IMPACTS DOWN PAYMENTS IN CALIFORNIA FOR
CONFORMING LOANS
3. 100% FINANCING STILL AVAILABLE THROUGH FHA AND DOWN PAYMENT
ASSISTANCE PROGRAMS


Please contact me if you have questions about any of the items below:

MULTIPLE PROPERTY OWNERSHIP GUIDELINE CHANGE BY FANNIE MAE/FREDDIE MAC:
A borrower cannot own more than four (4) mortgaged properties including
primary residence. Joint ownership is the same as total ownership.
Commercial or multi-family greater than 4 units not included.

Therefore if you own more than 4 properties including your primary
residence you will no longer qualify for a conforming loan.

DECLINING MARKETS NO LONGER IMPACTS DOWN PAYMENTS IN CALIFORNIA ON
CONFORMING LOANS
Assuming you meet all of the other credit score, income, and asset
qualifications it is now possible to qualify for 5% down on loan amounts of
$417,000 or less and 10% down for loan amounts over $417,00 and under
$729,750 in LA County on conventional loans.

100% FINANCING STILL AVAILABLE THROUGH FHA AND DOWN PAYMENT ASSISTANCE
PROGRAMS
FHA is still the most popular loan program for a low down payment option
and is available for loan amounts up to $729,750 in LA County. You can
also get down payment assistance for the 3-6% down payment through down
payment assistance gift programs.


Meyoung Laman, MBA
Senior Mortgage Consultant
Chase
West LA Builder Group
Leaders Club Mortgage Consultant – Top Service and Excellence

If I can be of service to you or someone you know, please contact me. Thank
you for your business!

OFFICE: (310) 815-5126
OFFICE FAX: (310) 815-9660
EMAIL: meyoung.h.laman@chase.com
WEBSITE: http://homeloan.chase.com/meyoung.h.laman
Client Care/Loan Coordinator: Christine Greene: (310) 815-5135;
christine.c.greene@chase.com