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Good News for the Mortgage Market and Us

Fannie Mae, Freddie Mac, and the Office of Federal Housing Enterprise Oversight (OFHEO) announced a new initiative yesterday for increasing liquidity up to $200 billion in the mortgage-backed securities market.  You may have seen this headline and wondered what, if anything, this has to do with folks like you who own or wish to buy Crofton Maryland real estate.

AAAAHere’s a brief answer:  The GSEs should be able to purchase or guarantee about $2 trillion in mortgages this year through this new initiative, combined with existing Fannie Mae/Freddie Mac capabilities and last month’s release of portfolio caps.  This is good news for the embattled mortgage market and people like us, since it will permit more sub-prime refinancing and loan modifications (helping current homeowners avoid foreclosure) as well as doing more in the jumbo temporary conforming market (helping people finance or re-finance higher-priced homes). 

This announcement comes a day after the FED cut interest rates by another .75 basis points, and it may be even more critical to creating a pause, if not a turn-around, in the ongoing mortgage market debacle.  Any relief could help arrest the decline of property values in communities across the nation, including Crofton.

I’m not an economist or mortgage expert, so please read the full press release about this for more details.

Let me reassure you that many mortgage programs are available for Crofton-area home buyers with good credit.  I can refer you to a number of good lenders who will carefully explain your options before you choose the lender and loan program that makes you comfortable.  With so many motivated home sellers out there in the market place, this is a good time to be home-shopping.  Don’t let this opportunity get away from you!

If you’re waiting for home prices to bottom out, let me offer these words of advice:  No one will know when prices hit bottom until they’re going up – and it will be too late.  In the meantime, you could miss a great deal because someone else is taking advantage of today’s buyers’ market while you sit on the sideline.

 

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