Great post I see many changes in The Real Estate business some good some not so good. thank you for the post have a blessed day
Sorry, but I think people should have more skin in the game. We don't need a repeat. People need to be better stewarts of their money and they will be able to have a down payment.
I have clients that have changed their spending habits and we will be putting them into a home in a couple of months wioth nearly 5% down.
William Feela - I agree about the skin in the game. I don't mind 5% down. I DO mind a 95% HCLTV cap. That eliminates the option for the buyer to use refundable single premium financed PMI. That's downright stupid of Fannie to do.
We will see how this all plays out. Hopefully, it won't hurt the recovery.
Geez! Unintended consequences indeed! Fantastic article - very detailed and deserving of a feature.
Do you think that this came on the heels of the recent increases in FHA's mortgage insurance premiums?
Hey Charles, thanks for providing this information about Fannie Mae. AR continues to be on the cutting edge of real estate industry news. Best of GREAT success to you this year!
Sounds like Fannie is trying to tweak the system , my take if it not broken don't fix it. Not sure why they feel they need to change it, unless they feel like I do that the market is heading south.
Charles, it's good to know few more things about these guidelines. So, don't say...
"Sorry for the bad news. Don’t shoot the messenger"
The world it is changing. Sometimes I wish common sense was a necessity in doing business with the government. But that will never happen.
I guess if this prevents some people from buying a home, then the inventory increases and prices come down? Hmmmm......
Thank you for the information. I do not mind them increasing down payment requirements if gift money is allowed but hope they will not increase the rates too much.
Charles, thanks for the update. As the market improves, we will probably see many more changes. Some good and some not so good.
Charles, As usual the bureaucrats don't think things through before they give us yet another rule or regulation.
It is difficult to keep up with all of the changes involved with the different loans. Thank you for giving us the information.
Betty
Charles -- thank you for bringing this to our attention. This could be a real game changer, as the Fed may be dropping their purchases about the same time - so that will raise their interest rates as well as their dp at same time.
Not quite what we wanted to see... *sigh*