Posted by Liz Freeman
In an effort to open up lending to more low-income and first time home buyers—and, we suspect, to spread seasonal goodwill-- Fannie Mae and Freddie Mac has announced they will start backing mortgages with down payments of as little as 3% of the home's price. Both programs are for fixed-rate loans given to first time homebuyers and those seeking to refinance. Fannie began backing the loans on December 13, while Freddie will start offering them March 23, 2015.
Who can apply? Fannie Mae will allow new purchasers and borrowers who haven’t owned a primary residence within the last three years to qualify. Freddie Mac’s program will be limited to people who have never owned a home or those with moderate incomes or who are buying in under-served areas. Borrowers who currently have loans backed by the two companies will be allowed to refinance with as little as 3 percent down. Fannie Mae borrowers will be allowed to take cash out for closing costs; Freddie Mac borrowers will not. Both programs allow only fixed-rate loans on single-family homes used as a primary residence and require private mortgage insurance.
Greenville NC Real Estate Market Trends and Sales Statistics- November2014
The number of new listings decreased by 25.4% in November 2014 compared to the previous year. Pending sales decreased by 2.6% while the number of homes sold decreased by 14.2% compared from November2013. The average sales price rose 2.6%. Days on the market increased by 25 days.
|
Date |
New Listing |
Pending Sales |
Sold Listings |
Avg Sale Price |
DOM |
|
Nov 2014 |
82 |
73 |
66 |
$158,777 |
123 |
|
Nov 2013 |
110 |
75 |
77 |
$154,700 |
98 |
Information courtesy of Liz Freeman, Greenville NC Realtor.
