down payment: Fannie Mae New National Guidlines Effective June 1 - Condos
- 05/29/08 04:13 PM
Some loan officers I know have given us the heads up that effective June 1 there are many changes coming in mortgages and needed down payments via Fannie Mae New National Down Payment and Loan Policy Guidelines. The new guidelines as I understand it are meant to supersede earlier guidelines written in December 2007 that were not working out. As a whole, real estate prices are declining, and buyers were unable and unwilling to put up more money to purchase homes in this current market. The new changes are meant to get things moving. What is not mentioned in the proposed changes...are the changes … (6 comments)
down payment: Is Too Much Credit? The Disconnect Between Credit and Common Sense!
- 03/13/08 04:18 PM
I do a lot of reading on different subjects, but recently the topics in our business revolve around credit. Credit used to mean that you could have the peace of mind that if you did not have enough cash on you, you could charge it on your charge card! Think of it this way it was like a AAA card or an emergency cash fund! … (21 comments)
down payment: Equity - Every Home Buyer and Seller Needs It! | Buying Right Begins the Process!
- 02/11/08 02:08 AM
Equity is the most important thing a home buyer or seller can have. Equity is basically your interests in a property after your obligations are deducted. If you purchased a $100,000 home with 20% down that means your equity is $20,000 dollars. It is a sad commentary in this current real estate market that most agents and home owners do not heed this! A home is something that is a long term plan, not a fix for the short term. Over the past few years all the fundamentals of home ownership have been thrown out he window and trampled underfoot. From what I see, buyers … (6 comments)
Some loan officers I know have given us the heads up that effective June 1 there are many changes coming in mortgages and needed down payments via Fannie Mae New National Down Payment and Loan Policy Guidelines. The new guidelines as I understand it are meant to supersede earlier guidelines written in December 2007 that were not working out. As a whole, real estate prices are declining, and buyers were unable and unwilling to put up more money to purchase homes in this current market. The new changes are meant to get things moving. What is not mentioned in the proposed changes...are the changes … (6 comments)
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