June 08 Exciting Mortgage News
By lipply on Jun 25, 2008 in Uncategorized
Hot off the press from David Hoyt of Advantage Mortgage! Dave reports that both Fannie and Freddie have announced that they will re-instate 95% owner occupied loans for the Tampa Bay area. The declining markets had caused them to reduce their maximum loan to values 5% for all loans, effectively making 90% the lowest Fannie or Freddie you could get. Now, buyers can apply for 95%.
This exciting news is effective immediately and should help attract additional buyers to this market which is what we need right now. If you have been waiting to buy a home this summer, now is the time!
These loans are for good buyers with decent credit scores who plan to occupy their homes. Debt ratio should be less than 45%. 95% loans apply to any single family property type dwelling.
For more information or to get pre-qualified, call or email us today.
7 Comment(s)
By H. John (The Decorating Pro) Johnsen on Jul 2, 2008 | Reply
Glad to know this will start real estate moving. You can also sell by using Home Stagers. Home staging is a proven way to help a house sell for more and in less time.
By abeljourney on Jul 5, 2008 | Reply
Interesting article. I need to read it again in order to digest all the information correctly!
By Hopkinton Real Estate on Jul 8, 2008 | Reply
We have been seeing quite a bit of FHA loans up here in Mass. The FHA has relaxed credit restrictions and they allow up to 97% financing.
By Claire Gilbert on Jul 16, 2008 | Reply
We are glad to see this happening with FHA loan. Thank you for the information.
By Atlanta Condos Advisor on Aug 5, 2008 | Reply
Also seeing this in Atlanta. condo developers are racing to get their developments fha approved.
By Mortgage Broker on Aug 5, 2008 | Reply
This is some exciting news. I was wondering if Fannie or Freddie were going to do something to try and recharge the market. I just wonder if banks would be willing to continue to write loans in their current condition.
Hopefully this will be a step in the right direction and bring the markets back around!
By Panama City Real Estate on Sep 1, 2008 | Reply
We’re seeing this in Panama City, too. Hopefully it will get the market back on its feet. Not like 2003, but better than it is.