President Obama’s administration made several changes to housing policy over the holidays that will really help current homeowners as well as buyers and sellers for years to come.
The action
by the treasury will bring more stability to Hawaii’s real estate market, which is one of the most stable markets in the nation. Their actions will bring more economic confidence to buyers and this combined with low interest rates and lower home prices make it easier to buy homes in Hawaii. There are still programs available to buyers that will give 100% financing eliminating the need for large down payments.
Fannie Mae and Freddy Mac now have the full support of the U.S. Treasury Department as the Treasury has committed the necessary funds with a Blank Check for the next three years. These changes come now as the U.S. Gonvernment now controls the two lenders.
This policy shift will make it possible for hundreds of thousands of homebuyers to get loans through Fannie and Freddy, which write over half of the mortgage loans in the U.S. It also means that these two institutions can borrow money at lower rates, which will be passed along to their customers in the form of lower interest rates on their mortgage loans.
The policy shift of additional Treasury support to Fannie and Freddy will also give the institutions a greater ability to help existing homeowners who need loan modifications and avoid foreclosure. By executing these loan modifications, the institutions will avoid huge losses from financially distressed homeowners that would have no choice other than walking away from their homes.
If you would like more information on these programs, availability of homes or would like to sell your home in this market and need to know its Market Value, please call Gayle at (808) 388-1485 or email at info@GreatHawaiianHomes.com .
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Warm Regards-
Mike & Gayle
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