I purchased a home in May in California. Our work was transferred to Oahu and so I needed to transfer. Today I can’t purchase another house since Fannie Mae guidelines condition I've to possess 30% collateral within the Concord home, 30% collateral within the house I do want to purchase and 3 month’s supplies within the lender to protect both homes despite the fact that I've a tenant within the Concord house having a 2-year lease. I've the supplies but don’t possess the collateral. The supplies might have been my down payment, however now I'll don't have any down payment. Along with that the FHA Mortgage demands PMI regardless of howmuch I pay. What’s happening here? I make-over 100k annually and can’t purchase actually the least expensive home. The guidelines have successfully barred the typical homebuyer from obtaining a minute home no real matter what the conditions. Just the wealthy are now able to purchase a second house. The banking institutions may mess us by producing absurd loans that garbage the country’s economy after which, after obtaining large bail-outs at our cost, they are able to WOn't create sensible loans to sensible people. I’m ashamed.
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