Arizona Real Estate Market Update-7% Rule?

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What is the 7% rule that Fannie Mae and Freddie Mac just put in place?
Homes purchased for a second home or investment homes have been handed a limit. The limit is on the lending side where lenders have been told to hold second homes to less than 7% of their total portfolio.
That means if you are looking to purchase a home for a rental or vacation home it is now harder to get the financing.
It will mean you need to search much harder to find the right lender.

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