New Year, New Hope Interest rates for January remain lower. With the implementation of the Federal Reserve $500 Billion Dollar plan, many believe that the decline in interest rates will continue and that should stimulate the housing market by making purchases more affordable. This should keep mortgage rates attractive for the new future within conforming limits (at least). Applications for purchase money were up for December.
Your buyers say they are waiting for lower interest Rates? One of our lenders is offering 90 day locks from the time of registration of the loan with also offering a program for a one time float down in rates for an additional charge. Encourage them to shop now and have an edge if interest rates do continue to drop. Please check with Ron for complete details
Residential Selling Blues? Step out side of the box, There are many opportunities in commercial real estate sales. Money is available for purchases or commercial property at as low as 6% up to $500,000.
Conforming Loan Limits The new conforming loan is $625,500. Again this will be broken down into two tiers with up to $417,000 and from $417,000-$625,000 will be considered Jumbo Conforming. Anything over that $625,500 threshold will be considered Jumbo (non conforming).
Multi Family Homes:The conforming limit for two family homes is $800,775.00 and $967,950 for three family homes.
· Interest Rates Outlook: Very Favorable
· Refinancing Outlook : Very Favorable
· Up to 95% financing on Conforming loans
· Up 75% for Stated Income, Verified Asset Loans
Prices of homes in New York State Remain Stable , according to the New York State Association of Realtors , December 31,2008, the selling prices of homes, in New York, have remained stable for September October and November
Deal dying a slow death because of financing?All banks are not equal in policy and interest rates. If you have a deal that is dying with a willing buyer, please have them call. While we can not promise miracles, We have the ability to place loans at many of the leading lending institutions, Let us find the bank that best fits your buyer's financial profile. There are no Application Fees! One Appraisal is all that that is necessary. Avoid the expense of applying at different lending institutions
Make your Broker Open Houses More Attractive? . Call for availability for sponsorship of first time Broker Open Houses and public houses. Carefully designed literature printed in Color all Events
The opinions expressed in this newsletter are those of Ron Schlossman
631.697.1930 (Cell Phone) forSeven Day a Week and Evening Inquiries
Direct Office Number 516.584.7222