Great News for Home Buyers on the North Fork of Long Island, New York
May 19th, 2008 category: Buyers, Real Estate News
FINALLY- and end to “declining market status”, which forced an additional 5% down from home buyers.
That this policy was enacted at all is really troublesome, in this writer’s opinion- since when, in any
downswing, has it been OK for Fannie Mae to jeopardize the abilities of the buying public by “hedging bets” on how the real estate market will perform?
For those seeking to sell a home on the North Fork of Long Island, know that the elimination of this policy will create new opportunities for buyers that (but for that pesky additional percentage down) would have considered a purchase, but found themselves short on cash.
Additionally, the requirement that appraisers maintain awareness of the declining market being eliminated takes away some of the unease that sellers faced with respect to the appraisal itself coming in low.
This move, in conjunction with the increased limits offered with FHA loans (good through Dec. ‘08) will create a nice opportunity for buyers to re-consider the benefits of this particular loan, once widely used, but abandoned when pricing exceeded the typical FHA limits imposed on home buyers. With a bit more latitude offered, I’m guessing that FHA loans are preparing for a resurgence, another positive for home sellers and buyers.
There are currently entities lobbying to make the increased limit permanent- we’ll offer an update if that occurs.
FINALLY, SOME GOOD NEWS.
3 Responses to “Great News for Home Buyers on the North Fork of Long Island, New York”
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May 20th, 2008 at 1:23 pm
That certainly is great news now that rates are extremely aggressive and LTV’s are back where they should be, not to mention first time homebuyer programs are better than they have ever been! Such as our new FTHB program with LTV’s as high as 97% and discounted rates. With all of this in mind along with the higher loan limits their certainly are many options for the first time homebuyers that we are trying to keep on Long Island.
May 20th, 2008 at 1:52 pm
John, no question about it. If you’d like to provide a link, please do so- people always need current information. Thanks!
Laurie
May 20th, 2008 at 8:08 pm
John,
Hopefully this policy will help improve the current market for home buyers that want to stay on Long Island.
Thanks John,
Sean