April 19th, 2010… a day that will live in infamy. Well not quite, but it did introduce some pretty punitive mortgage changes (at least as far as investors were concerned).
Key Changes Over the Past 3 Years
Back in April 2010 investors lost the ability to purchase non-owner occupied properties at with 95% 1st mortgages. It’s still possible to finance investment purchase with less than 20% down, but generally not at the type of rates we were able to get back then (eg. Prime -0.7%). With leverage being one of the primary advantages to investing in real estate, this change really slowed down the acquisition rate for many small investors, myself included.
Another key change at this time was…
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