If you know anyone whose home is for sale in the 87124 and 87144 Zip Codes in Rio Rancho or in 87113 (Vista del Norte ONLY) in Albuquerque, have them check with their Mortgage Professional IMMEDIATELY.
On a development by development basis and/or a home by home basis (if on the market a long period of time), homes in our area FOR THE FIRST TIME now reflect what has happened in many areas around the country - Declining Market Designation.
A home with such a designation will require 5% MORE DOWN PAYMENT than a home without such designation. A Buyer assuming they can purchase for 5% down will now discover that particular house requires 10% - and the appraised value carries no weight.
If anyone you know has a home on the market in these areas, have them contact their Mortgage Professional IMMEDIATELY. This is not something either the client or the Realtor can research on their own. They will have to contact a mortgage company.
For More Information, call me; Melinda Potcher, Mortgage Maven. (505) 259-6397 ,
2 Comments on Rio Rancho, New Mexico - Housing Market Declared a "Declining Market"
APR
29
2008
Melinda, I had not heard this designation before and how it impacted increasing the down payment. I hope your local market picks up as time moves along so it makes it easier rather than more difficult to get into a house.
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