New York City Real Estate | NYC, NYNew York City Real Estate | NYC, NYNew York City Real Estate | NYC, NYNew York City Real Estate | NYC, NY
  • ABOUT
    • ABOUT SCOTT
    • ABOUT THE TEAM
    • PRESS
  • BUYERS
  • SELLERS
  • VIDEOS
  • LISTINGS
  • JOIN OUR TEAM
  • BLOG
  • CONTACT
  • CALL SCOTT NOW

New Fannie Mae Limits, Rate Rises Sooner than Expected- How Will It Impact Lending?

    Home Newsletter New Fannie Mae Limits, Rate Rises Sooner than Expected- How Will It Impact Lending?
    NextPrevious

    New Fannie Mae Limits, Rate Rises Sooner than Expected- How Will It Impact Lending?

    By admin | Newsletter, Uncategorized | Comments are Closed | December 24, 2021 | 0

    Tiny shifts at the margins will help first time buyers in this market.  As mortgage rates appear to be slated for possible increases in 2022, buyers need all the help they can get.  Enter Fannie Mae!

    As of December 16th, now buyers will be able to borrow up to roughly $650,000 and have the looser lending restrictions of Fannie Mae.  This is up from $548,000, an 18% increase.  What it means in our market is that it will be easier for first-time buyers to borrow.  And given that many one-bedrooms are in this $600-800,000 price point, this borrowing limit hits their sweek spot!  Great news.  You can read a little more here.

    Thanks, Fannie Mae! Helping to keep our market going with higher lending limits.

    Opening up lending to Fannie Mae underwriting should speed up the lending process, too.  Banks have gotten more and more strict, to the point where some of our customers are opting to simply pay cash, despite historically low mortgage rates.

    I’ll write about it in a different post, but the short version is that I expect a FLOOD of first-time buyers whose rent just jumped 30-40% from COVID low rents.  And when that happens, those buyers will be thrilled to have extremely low rates readily available.  Just another item to help keep our market booming.   -Scott

     

     

    No tags.

    NextPrevious

    Recent Blog Posts

    • (VIDEO) The Last Greatest Real Estate Deal in the United States (Hint: It’s Manhattan) June 29, 2022
    • (VIDEO) Our Big Win of the Month! “The Search” Goes Upper East Side June 29, 2022
    • What Are You Waiting For? Math of the Month- Mortgage Rates vs Sales Prices June 28, 2022
    • (VIDEO) Visionary Brokerage Is For Times Like These May 31, 2022
    • The New Waldorf-Astoria Towers – and The Resurgence of Midtown May 30, 2022
    • When You Can’t Let Go of Your Apartment- Or Your Stuff. May 30, 2022
    • (VIDEO) Trading Masks for Armor? The Battle For New York Real Estate is On. April 29, 2022
    • Miami Comes To New York- In The Form of Regulation April 27, 2022
    • My First New York City Real Estate Deal April 27, 2022
    • The Flight To Quality, and 4 Other Good Reasons Why the RE Market Stays Strong in 2022 in NYC March 30, 2022

    Archives

    Call us: (646) 400-0769
    Email us: sharris@bhsusa.com
    Visit us: Brown Harris Stevens
    1926 Broadway
    New York NY 10023

    © 2022 The Harris Residential Team. All rights reserved.
    • About Scott Harris
    • About the Team
    • Press
    • Buyers
    • Sellers
    • Videos
    • Listings
    • Blog
    • Contact
    • Call Scott Now
    • Brown Harris Stevens Fair Housing Policy
    • ABOUT
      • ABOUT SCOTT
      • ABOUT THE TEAM
      • PRESS
    • BUYERS
    • SELLERS
    • VIDEOS
    • LISTINGS
    • JOIN OUR TEAM
    • BLOG
    • CONTACT
    • CALL SCOTT NOW
    New York City Real Estate | NYC, NY