COUNTRYWIDE Reducing Maximum Number Of Financed Properties
Countrywide Home Loans is changing its policy on the maximum number of financed properties that will be allowed using conforming financing. The current policy allows for a maximum of 10 financed properties. The borrower may not be affiliated with the builder, developer, or seller of the subject property.
The new policy will reduce the maximum to 4 financed properties with the change becoming effective on 10/10/2008. Any applications must be locked by 10/9/2008 to be grandfathered.
If you are a real estate investor or prospective investor that may be impacted by this change, you should contact your loan officer right away to discuss your plans and your ability to obtain investor financing.
Wow, you must have a better contact than me w/CW. I was told this around 9-16-08 and told that it was already in force! No 10-10-08 date for application! Another one bites the dust regarding excellent training and communication of its employees! S A D ~~!!