Sacramento Realtor Answers Readers Questions


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Ask Your Real Estate Question

It’s time to Ask your Real Estate Question to Sacramento Real Estate Broker Gena Riede.

Dear Gena,

My husband and I moved back east for a job transfer. We left our home (but we are still paying on it). We didn’t sell it since prices are so low.

When will the prices go back up?

Living Back East ~

Dear Living Back East,

It will be quite a while before prices go back up. First we must get through all of the foreclosures. Then we will need to have one year of what is called “stabilization” before the value of houses goes up. When all that happens, it will be a very slow rise in value not what we saw in the 2000′s.

Gena Riede

Dear Realtor,

I am an investor. I heard there will be a change in the regulations for financing properties. Is that true?

Sacramento Investor~

Dear Sacramento Investor,

Yes, starting March 1, 2009 Fannie Mae will allow an investor to finance up to 10 properties instead of the current four. However, their are some stipulations with the last 5 properties as outlined by Fannie Mae investor guidelines.

Regulations for 1-4 properties:

2 months of reserve on the subject property if it is a second home
6 months of reserves on the subject property if it is an investment property
2 months of reserves on each other financed second home or investment property.

Regulations for 5-10 Properties:

2 months of reserves on the subject property if it is a second home
6 months reserves on the subject property if it is an investment property
6 months of reserves on each other financed home or investment property

The investor must have a 720 credit score, with 25% down payment for 1-unit and 30% down payment for 2-4 units.

Gena Riede

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