June 08 Exciting Mortgage News

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 Replies to “June 08 Exciting Mortgage News”

  1. 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!

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