Fannie Mae announced today that, beginning June 1st, it will ease its policy on down payment requirements in all markets. This supersedes a policy that it announced in December requiring larger down payments in declining areas.
The new national down payment requirements will be 3%, for loans approved through their automated computer system, and 5% for other loans on the purchase of single-family, primary residences.
In addition, Fannie Mae will still allow loans with Community Seconds® for up to 105% of a combined loan-to-value. Community Seconds are –typically government sponsored- loans to assist with down payments and closing costs. Other programs which allow down payment assistance in the form of grants or gifts will also continue to be supported.
So, if you’re a buyer who’s been sitting on the fence waiting for the right time to jump in to the market, you had better get your jumping shoes on!
Steve Brown
619-368-3765
Friday, May 16, 2008
Friday, May 2, 2008
The Roof: Topping It All Off
Every roofing material has its unique perks and drawbacks. Here’s a look at some of the most popular materials, and what you need to know to speak knowledgeably with clients.
Never underestimate how much a roof can impact a sale. If it’s not up to par, some buyers will walk away or turn the roof into a major sticking point of negotiations. On the other hand, a beautiful roof can give potential buyers all the reason they need to make a competitive offer. And that’s precisely why you must grow your knowledge of this essential home feature.In addition to the shape of the roof — whether it’s a gambrel, a gable, or a Mansard — the material used for roofing can make an enormous impact on the look and style of a house. Let’s take a look at the various types of roof materials and the pros and cons of each.
All Roofs Are Not Created Equal
The longevity of a roofing material is somewhat dependent on the climate, so estimates of lifespan are approximate and also depend on whether the material is properly installed. Here are six commonly used roofing materials that you should be able to identify and discuss with clients.
Click Here For More Details
Never underestimate how much a roof can impact a sale. If it’s not up to par, some buyers will walk away or turn the roof into a major sticking point of negotiations. On the other hand, a beautiful roof can give potential buyers all the reason they need to make a competitive offer. And that’s precisely why you must grow your knowledge of this essential home feature.In addition to the shape of the roof — whether it’s a gambrel, a gable, or a Mansard — the material used for roofing can make an enormous impact on the look and style of a house. Let’s take a look at the various types of roof materials and the pros and cons of each.
All Roofs Are Not Created Equal
The longevity of a roofing material is somewhat dependent on the climate, so estimates of lifespan are approximate and also depend on whether the material is properly installed. Here are six commonly used roofing materials that you should be able to identify and discuss with clients.
Click Here For More Details
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