Clearwater Florida – With Clearwater Real Estate taking longer to sell many people with Clearwater homes for sale (especially those home sellers being relocated this summer) are considering renting out their primary residence and planning to buy a new home in their new location. We also have clients moving to Clearwater in the same boat with homes to sell in other states. Well you should know the Fannie Mae rules just changed and may drastically affect your plans.
Katrina Madewell, a Tampa Realtor we work with who also owns a Tampa Bay mortgage company recently shared the important Mortgage Rules changing August 1, 2008 (this week) and here are some of the important changes she spells out for those considering this option:
“The latest Fannie Mae Announcement that just came out will affect you or your client. If this is your plan, ANYTIME SOON, you’d better speed up those plans and act this week.
The biggest changes are regarding borrowers who are converting their primary residence to an investment property.
Clearwater / Tampa Mortgages and Home Loans Update
Current mortgage rule: You would just have to get a copy of the rental agreement and lenders could use 75% of the rental agreement as income.
The new Mortgage Rule coming into effect on 8/1/2008 :
- The borrower must have at least 30% equity in the house,
- a copy of the rental agreement and
- proof that the security deposit has been deposited into the borrowers account
If you have a Clearwater home and you can meet all three of these requirements then you can use 75% of the rent as income. However, if the home buyer CAN’T meet ALL 3 new requirements then both mortgage payments would be counted against the borrower when qualifying for a loan. ”
If you are looking for more information check out Page 6 of the Fannie Mae Announcement which covers the new changes in detail or call Katrina Madewell directly at (813) 235-9889. Thanks to Katrina for sharing this Tampa Bay / Clearwater Mortgage update with our readers.
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Cyndee, Great information for homesellers and homebuyers in Clearwater.