Investor limits on financed properties go from 4- 10

Great news for investors!

 

Fannie Mae Announcement 09-02 February 6, 2009

Amends these Guides: Selling Updates to Multiple Mortgages to the Same Borrower Policy, Reserve Requirements, Reserves Definition, and Form 3170

 

 

Fannie Mae is updating its policy that pertains to investors who own multiple properties.

 

Currently the policy limits the number of 1-4 unit financed properties, in which the borrower may have an individual or joint ownership interest to 4 financed properties, when the mortgage being delivered to Fannie Mae is secured by an investment property or second home.  This total applies to the total amount of properties financed not just those financed by Fannie Mae.

 

“Fannie Mae is modifying this policy to allow investor and second home borrowers to own five to ten financed properties if they meet certain eligibility and underwriting and delivery requirements as outlined in this Announcement. Unless otherwise stated, these requirements apply to all mortgage loans whether underwritten manually or through Desktop Underwriter® (DU®)”

 

For more and qualifications click this link.

 

 

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0902.pdf

 

Call your mortgage provider for qualification.

 

When you are ready to buy or sell, think of the Home Team Girls who specialize with buyers and investment properties.

 

The Home Team Girls Realtors® Real Estate Team helping you with Investment properties, Homes For Sale, Relocations, Seller Strategies, Certified Buyer’s Agent, Bank Foreclosure Specialist, Short Sale Specialist. We use the service of a certified  Home Stager on all of our listings. For Roseville and Sacramento Realtor Services call on the Home Team Girls.

 

How to downsize your house

Moving can be quite stressful. Many aren’t aware of how many items and mementos they’ve collected until it’s time to pack the moving boxes. Employing a few strategies to assist with downsizing can help reduce
the anxiety of moving.
KEEP THIS IN MIND
• Jim Henderson, president of William C. Huff Companies, a moving and storage firm specializing in affluent homeowners, advises homeowners to begin downsizing at least three to six weeks prior to listing their current home. This will ease the stress of moving day, and help de-clutter the home for potential home buyers.
• Henderson recommends homeowners start downsizing by throwing out or donating items that are not used very often and hold little sentimental value. Often, these types of items are stored in a shed, basement, or attic. Items in the heart of the home, such as the family room and kitchen, are usually those valued and used the most, so they can be packed up immediately.
• Envisioning where each object will fit in the new home is essential. If an object doesn’t fit with the new home or will be useless in a year or two, it is likely that it can be thrown out or donated.
• If feasible, selling the home with the furniture, carpets and other furnishings include will reduce moving costs and could make the home more valuable to buyers.

“Also consider staging as part of your selling strategies. Staging a property with your own furniture and hire a professional stager to help determine what goes and what stays. Pricing is very reasonable and the results can be the determining fact if your house sells or not. With proper pricing and staging, this combo, will determine how fast your home sells.”  Kathy Dyer
To read the full story, please click here

The Home Team Girls Realtors® Real Estate Team helping you with Homes For Sale, Relocations, Seller Strategies, Certified Buyer’s Agent, Bank Foreclosure Specialist, Short Sale Specialist. We use the service of a certified  Home Stager on all of our listings. For Roseville and Sacramento Realtor Services call on the Home Team Girls.

Snag a deal on a short sale

As more homeowners find themselves underwater — owing more on their mortgage than their home is currently worth — and unable to make the monthly mortgage payments, many are turning to short sales, which allows a homeowner to sell their home for less than owed on the mortgage. With the lender’s approval, home buyers can purchase properties in desirable neighborhoods and at favorable prices.

KEEP THIS IN MIND

 
• According to real estate Web site Zillow.com, 14 percent of homeowners nationwide are currently underwater. In some areas, especially those hardest-hit by foreclosures that have experienced the greatest price declines, more than 50 percent of homeowners would owe more than their home is worth if they sold today.
• Unlike foreclosed properties, which may be run-down and vacant for many months, short-sell properties are likely to be better maintained as many owners may still live in the home.
• In a short sale, the homeowner must receive approval from the lender before the sale of the property can proceed. With many lenders overwhelmed by short-sale transactions, it can take between two and six months to execute.
• Working with a REALTOR® who has experience with short sales can help both sellers and home buyers during the transaction. A seasoned REALTOR® will be able to serve as the mediator between the seller and the lender and lead to a successful transaction, while a buyer’s agent can help with offers, counter offers, home inspections, closing, and more.
• It is important to remember that although the seller may be anxious about selling the property and willing to accept any offer, it is ultimately up to the lender to determine if, and at what price, the property can be sold. Therefore, home buyers should work closely with their REALTOR® to submit a realistic offer.
• According to REALTOR® Loni Parmelly, author of Success in Short Sales, buyers should ask the lender to pay for all closing costs as part of the contract. The contract also should specify that the buyer will not conduct an appraisal or inspection of the property until the offer is approved. This
added guarantee can protect home buyers from spending money on a home they may not purchase.
To read the full story, please click here

For more articles:

A Short Sale May be a Way Out… But Beware

Questions on the 8,000 Federal Tax Credit

 

The Home Team Girls Realtors® Real Estate Team helping you with Homes For Sale, Relocations, Seller Strategies, Certified Buyer’s Agent, Bank Foreclosure Specialist, Short Sale Specialist. We use the service of a certified  Home Stager on all of our listings. For Roseville and Sacramento Realtor Services call on the Home Team Girls.

 

New Home Buyer Fence Sitters may lose out on the market?

Fixed-rate mortgages of Four percent,  zero-down payment requirements, and a 30-40 percent break on the market value of the house appear to be what many “on the fence” home buyers are waiting for before they consider purchasing a home.

WE ARE THERE!

KEEP THIS IN MIND
• According to a study of more than 700 self-described “on-the-fence” buyers, 44 percent responded that they haven’t yet committed to purchasing a home because they are waiting for lower mortgage rates.  (WE AREW THERE NOW) 

The study, conducted by the National Association of Home Builders’ research subsidiary,  found that 41 percent of undecided buyers are unsure if they could qualify for financing.  Another 38 percent reported they expect to see home prices decline further. 

Again people we are there now- my optionion- people are gambleing if they wait longer. The interest rates are good now- even if and when homes will go down- I believe the rates will go up again.

• The study found that concerns about declining property values were most prevalent among home buyers in the Western region, while buyers in the Northeastern and Midwestern states were more concerned with lower mortgage interest rates.

• Of the potential home buyers surveyed, the mortgage rate that seemed most favorable and would be most effective in persuading consumers to buy now is a 30-year, fixed-rate mortgage at 3 percent.  Now reate are closer to the mid 4’s.  According to Freddie Mac, interest rates on 30-year, fixed-rate mortgages averaged 5.25 percent for the week ending Feb. 5.
• Survey respondents said guarantees by home builders that their loan applications would be accepted with verifiable proof of income and a “fair” credit score ranked six times more effective than standard application procedures.
• Price concessions, such as a 10-percent discount below market value, appeared to be the most compelling option for on-the-fence buyers.
To read the full story, please click here

To put this into perspective- if you plan to stay in your home for awhile- waiting can price you out of the market.   Home prices are already good.   Get in now while interest rates are still low.  They are the lowest they have been in over 30 years.   While people gamble and wait for prices to drop, they may lose the ability to qualify for a loan if rates climb.  Buyers have to live somewhere and paying rent can be the same price as paying on a mortgage.  Have a CPA run Numbers for you on tax savings with owning a home.  At least once you buy, you are gaining equity for the future when prices come back up.

 

More articles:

Snag a Deal on a Short Sale

Questions on the 8,000 Federal Tax Credit

 

The Home Team Girls Realtors® Real Estate Team helping you with Homes For Sale, Re-locations, Seller Strategies, Certified Buyer’s Agent, Bank Foreclosure Specialist, Short Sale Specialist. We use the service of a certified  Home Stager on all of our listings. For Roseville and Sacramento Realtor Services call on the Home Team Girls.

Plunging Home Prices good news for 1st time home buyers

Good news for First Time Home Buyers! There are great deals out there.

We have found that at the under $250,000 price range that there are multiple offers all competing for the best deals. We have found that buyers who shop with a Realtor have a better chance getting a house than those who do not. Most times than others- First Time Home Buyers  don’t see the listing until it is too late. By the time they put in an offer, they are already beat out.

Read the article below on some great stats.

NATIONAL ASSOCIATION OF REALTORS® (NAR), the median home price nationwide in December was down 15 percent to $175,400. With current interest rates at or near historic lows, borrowers with a 10 percent down payment could save $254 per month on a median-priced home compared with a year ago.

•  The percentage of First Time Home Onwers that could afford to buy an entry-level home in California stood at 53 percent in the third quarter of 2008, compared with 24 percent for the same period a year ago, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).

 

• The minimum household income needed to purchase an entry-level home at $287,760 in California in the third quarter of 2008 was $56,100, based on an adjustable interest rate of 5.91 percent and assuming a 10 percent down payment. The monthly payment including taxes and insurance was $1,870 for the third quarter of 2008.

To read the full story, please click here

For more reading:

Snag a Deal on a Short Sale

Home Ownership more appealing than renting

New Home Buyer Fence Sitters may Lose out to Market

Questions on the 8,000 Federal Tax Credit

The Home Team Girls Realtors® Real Estate Team helping you with Homes For Sale, Relocations, Seller Strategies, Certified Buyer’s Agent, Bank Foreclosure Specialist, Short Sale Specialist. We use the service of a certified  Home Stager on all of our listings. For Roseville and Sacramento Realtor Services call on the Home Team Girls.

Fed adopts program to stem foreclosures

This week’s C.A.R. Mortgage Update contains information Freddie Mac, curbing foreclosures, credit unions, and financial roadblocks to homeownership.

Fed adopts program to stem foreclosures

 The Federal Reserve recently announced it will seek to renegotiate mortgages it owns that might otherwise enter foreclosure, according to Federal Reserve Chairman Ben S. Bernanke. Under the program, the Fed could reduce what a homeowner owes on a mortgage; lower the interest rate; lengthen the term of a loan; or take other steps to prevent a loan from defaulting. The Federal Reserve’s program will focus on reducing the amount of principal owed by those at risk of foreclosure, especially those with loan balances exceeding 125 percent of the estimated value of their property. It is unclear how many homeowners could benefit from the program, and most individual borrowers will likely not know if their mortgages are owned by the Federal Reserve. If eligible for a loan modification, the homeowner would work with mortgage servicer and not the government directly. To read the full story, please click here

For any questions concerning your real estate situation- feel free to give us a call and we can put you in touch with professionals to help you through this tough time.

The Home Team Girls Realtors® Real Estate Team helping you with Homes For Sale, Re-locations, Seller Strategies, Certified Buyer’s Agent, Bank Foreclosure Specialist, Short Sale Specialist. We use the service of a certified  Home Stager on all of our listings. For Roseville and Sacramento Realtor Services call on the Home Team Girls.