American Dream Under Attack, Are We Moving From Nation of Owners to Nation of Renters?

By
Real Estate Agent 276682

Real Estate News Alert Fellow Realtors, in case you didn’t know it…..obtaining a mortgage is about to become significantly more difficult. Here Are The Potential Outcomes: * GSE (Fannie and Freddie) Market share to reduce from 95% to 40%. Think about that for a moment. When was the last time you had a buyer who DIDN’T use Fannie or Freddie for their mortgage.

 * Reduce the GSE Loan Limit. The loan limit is $729,750 in the most expensive areas in the US. Expect the max loan limit to become no greater than $429,750.

* Increase the minimum downpayment for low income borrowers to 10%.

* For non-low income buyers the new downpayment will be 20%.

* Jumbo (Non-conforming) loans will require 30% down payments * Obtaining a loan will be more expensive. In addition to the downpayment borrowers will need to come up with significantly more just to secure the loan.

 * There IS a push away from homeowners ship and towards renting. The Obama Administration has stated that there should be subsidies for renters!

Posted by

 

                                        Steve Fingerman, E Loans Home Mortgage

Steve Fingerman

President

NMLS #276682

E Loans Mortgage Inc

4117 Mariner Blvd

Spring Hill FL, 34609

Office 352-688-7949 Cell 727-946-0904

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