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The Mortgage Fallout - A Light at the End of the Tunnel

user

Oct 17, 2007

Let me preface this by saying that we (Austin) are in one of the best real estate markets in the United States. People are still buying & homes are still selling - but DOM (days on market) is a little longer. The only market to remain relatively untouched by the mortgage fallout is the super-high end market ($3m+). Unfortunately, that's not my market (at least not this year.) With that said - we have been affected. The mortgage fallout seemed to coincide w/ the seasonal slow-down this year, so it just seems like it's a much slower holiday season.

I've said all along that we should see some relief by around February/March...it won't get back to the crazy days of "anyone can buy a house," but the pendulum will start swinging back in the right direction.

So...the point of this blog...I received a forwarded email from an LO that was extremely encouraging. A representative from her bank met w/ the director of FHA, who was extremely optimistic about raising the cap of FHA loans to $417k by the end of December.

This is huge. There are many people who are completely unqualifiable (even in sub-prime) or who are sub-prime (and would receive a hideous rate) who can qualify for FHA. The only hitch is that they just removed DPA's, but we can still get an FHA in with 2.25% down, and no closing costs. Let me say this: If you can't come up w/ 2.25% then you have no business buying a $400k home!!!

Let's just say that I will definitely begin actively marketing FHA loans as soon as the cap is listed (and I'll go ahead and start preparing now!)

user
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Last updated: 10/17/2007

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