URGENT! CHANGES IN REAL ESTATE FINANCING

REAL ESTATE – CRAIG FOSTER-There is a big change in real estate financing guidelines that is taking place on November 16 of this year. Fannie Mae has announced that their guidelines for “qualified mortgages” are being changed pursuant to the Dodd-Frank Act. The most significant changes include the elimination of 40 year amortizations, interest only loans, and  the 3 percent down payment option. This last change removes an important option for those who have limited funds for down payments and do not want to pay the increased mortgage insurance required of an FHA  mortgage. These changes can have a significant effect not only on potential first-time Buyers, but will effectively narrow the pool of qualified Buyers if you are trying to sell a property. If you are considering purchasing at this time through an FHA fixed rate or adjustable rate mortgage, you should act now. Applications must be completed by this November date. Please call or email if you’d like to discuss the best option for your situation while the existing financing guidelines are still available.  Thanks,  Craig Foster  503-260-3172

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