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

    • Deal of the Month: A Tale of Two Mortgage Rates in 2022 February 28, 2023
    • Do These 5 Things To Win In This Spring’s Housing Market February 27, 2023
    • Transparency in Cooperative Sales- A Fix That Would Work February 27, 2023
    • It’s Not A Demand Issue. It’s a Supply Issue. Why There Are So Few Apartments Right Now on the Market in NYC. February 27, 2023
    • The Mob Comes For E-Scooters and EBikes February 27, 2023
    • (VIDEO) Celebrating 150 Years In Residential Real Estate- And my 20th Anniversary, too. January 31, 2023
    • How to Make An Extra $1mm on the Sale of Your Townhouse January 30, 2023
    • What’s Going To Happen To All The Office Space In NYC? January 30, 2023
    • NYC, Manhattan, and The US: A Reversion To The Mean January 30, 2023
    • The Best Lead Measure in The NYC Housing Market Right Now January 30, 2023

    Archives

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

    © 2023 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