Fannie Mae recently announced expansion of it's Homepath Mortgage product that provides home buyers and investors financing for the purchase of Fannie Mae-owned properties.
The new product will allow eligible individual and LLC borrowers to finance up to 20 properties using the Homepath Mortgage. NAR has long called for expansion of financing opportunities for investors as a way to increase the absorbtion of REO properties. Fannie Mae will offer flexible lending terms and will not require appraisals of the properties.
Visit Homepath.com for more information on the program and participating lenders.
Real Estate talk. If you have a questions about local real estate just ask and I cover it in the next blog I write.
Monday, September 24, 2012
Friday, September 21, 2012
Mortgage rates fall again
NEW YORK (CNNMoney) --
Mortgage rates fell to record low levels once again last week, as the Federal Reserve's decision to buy billions in home loans for the foreseeable future helped bring lending costs down for home buyers and owners.
Mortgage finance backer Freddie Mac's weekly survey of mortgage rates showed the average 30-year fixed-rate mortgage fell to 3.49% from 3.55% the previous week. That matched the previous record low set in July. The fixed-rate 15-year mortgage reached a new record low of 2.77%, down from 2.85% a week earlier.
Mortgage rates fell to record low levels once again last week, as the Federal Reserve's decision to buy billions in home loans for the foreseeable future helped bring lending costs down for home buyers and owners.
Mortgage finance backer Freddie Mac's weekly survey of mortgage rates showed the average 30-year fixed-rate mortgage fell to 3.49% from 3.55% the previous week. That matched the previous record low set in July. The fixed-rate 15-year mortgage reached a new record low of 2.77%, down from 2.85% a week earlier.
Monday, September 10, 2012
Friday, September 7, 2012
Buy Dallas
Median home price: $163,100
Median rent : $1,030
Breakeven time: 2.1 years
Texas' largest metro area is blessed with plenty of open land to build on and a local government policy that's friendly to development, which has helped keep housing here extremely affordable.
The median home price in the Dallas metro area is 20% below that of the nation and, as a result, it takes only a couple years of ownership for buyers to break even on their investments, according to Zillow. Meanwhile, demand from a steady flow of new residents has pushed rents slightly higher than the average city.
The wealthy suburb of Westover Hills, west of Ft. Worth, boasts some of the most expensive home prices compared with rental costs. The breakeven time there is nearly 11 years. But in nearly every other community in the metro area, the breakeven time is less than three years.
Thursday, September 6, 2012
Now is the Time
Timing is everything in real estate. The time is right; the numbers are right; the interest rates are right; new homes are under construction; and there is a great demand for resale properties in Franklin MA. This is the time to select your lot and build your next custom home.
We no longer need to be concerned about your present home selling. The market has changed and the resale inventory in our town has slimmed to minimal levels. If a home is priced within a reasonable range, that home will sell quickly. There are more buyers in the marketplace than listings to satisfy their needs.
If your dream is to own a new home, NOW IS THE TIME. There are some positives that result from a down economy. The advantage is to existing homeowners who still have equity in their homes; who are still employed; and who have maintained their credit rating. Take advantage of the incredibly low prices of new construction compared to several years ago.
New construction is on the move. The time is right; the numbers are right; the interest rates are right; and homes are being built. Timing is everything in real estate.
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