With respect to gold prices, even though near-record gold prices in excess of $1,000 per ounce make people nervous, keep in mind that gold prices would have to exceed $2,300 in “inflation- adjusted” dollars to equal the highs we hit in the early 1980s. So, don’t panic until you see gold prices above $2,000 per ounce.
We mentioned Investor Financing yesterday and we again had questions about the number of properties Fannie Mae allows an investor to own. Most lenders still restrict investors to only 4 properties with mortgages, but Flagstar Bank still allows up to TEN properties. This illustrates the importance of access to multiple lenders, as guidelines vary significantly.
Lastly, if you ever have a client who works for or has worked for a school or the school system in California, they may be eligible for a CAL STRS loan. These loans are structured as 80% LTV 1st mortgages, and 17% LTV 2nd mortgages. The rate is 5.5%, and there are no payments on the 2nd for five years! Also, there is no MI.
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