Steamboat Real Estate Home Search and Blog

If you are a Steamboat real estate investor with 4 properties who was sitting on the sidelines drooling at the opportunities now available in the Steamboat market, your golden opportunity is here.  FNMAE just announced a change to the policy that will allow investors to own ten properties up from four properties.

First, a little background.  If a Steamboat Springs investor owned more than 4 properties, they were unable to secure financing no matter how good their credit was or how much cash they had. It made very little sense that investors, who buy a lot more property than the average single family homeowner, were not able to take advantage of the low interest rates and oversupply of properties now available in Steamboat.

Even the average Steamboat real estate owner suffered because the pool of people willing, ready, and able to buy was smaller with the investors unable to jump into the market.

Investors are unemotional buyers.  Where many buyers have decided to wait to buy property after reading all the negative headlines and watching all the bad news, investors know the market will ultimately improve and want to get in now.

(They want a great price, too, but that’s another blog post…)

Here are the details to getting financing if you want to invest in more Steamboat real estate: (Click here to read the entire Fannie Mae Guidelines.)

• Be ready to fully document your income
• Have cash reserves to cover from2-6 months depending on the type and # of properties outside your primary residence.  (Two months reserves for Steamboat second homes.)
• Your cash reserves can include 401Ks, IRAs, stock accounts, mutual funds, and ready cash in checking and savings accounts.
• If you want to include rental income, it needs to be on your last two tax returns.
• Credit score above 720.

Please contact us or call (970) 819-6372 for more information or a short list of properties that would make great investments here in Steamboat Springs.