Quick Home Search

Patty’s Picks of the Week

Here are my top picks of the week! Simply click on the highlighted link to see the details on the "best in show" properties! Under $100K: 341 Grenfall: This home offers 3 bedrooms, 2 baths,  1200 sq. feet of living space, and on a 7200 square foot lot. It does need a little TLC, a bargain for under $100K! $100K-$200K: 1036 Sylvan Glen: Backing to the National Forest in Moonridge, this charming cabin has 2 bedrooms, 2 baths, and a fantastic back drop! This is a Fannie Mae Homepath property with incentives! You … [Read more...]

Buying a Fannie Mae Property – First Look Policy

Fannie Mae properties are a lot different than other REO or bank foreclosures. Just one of the differences is the First Look program - the first 15 days a property is listed for sale (or listed on HomePath.com), they will only respond to offers from "owner occupants and those using public funds." This affects Big Bear home buyers as nearly 80% of them are second home buyers. While they can still submit their offers at anytime, they will have to wait until the 15 days expires in order to get a response from … [Read more...]

Recent Fannie Mae News Good For Big Bear Home Buyers

Last Friday, Fannie Mae rolled-back one of its least popular mortgage guidelines updates of the last 12 months - officially eliminating its 4-financed property limit. Effective March 1, 2009, real estate investors can once again own and finance up to 10 individual properties. Why is this important for Big Bear home buyers? Given that over 70% of the homes purchased in Big Bear are for second home use or an investment property, there is a good probability that the buyer owns multiple properties.  Maybe they also … [Read more...]

New FHA, Freddie Mac, & Fannie Mae Loan Limits – Revisited

I posted earlier this week on the new, higher conforming loan limits for Freddie Mac & Fannie Mae as well as FHA loan limits for the Big Bear, San Bernardino area. After a few more days of consideration, I think it is safe to say that these new limits will have no immediate benefit to the real estate sales in our area. I come to this conclusion based on couple key factors: Most of the homes in Big Bear are second homes. Given that approximately 70% of the homes in Big Bear are second/vacations homes for … [Read more...]

New Loan Limits From FHA, Freddie Mac & Fannie Mae – What Does This Mean For Big Bear?

I received the email below from the California Assocation of Realtors this past Friday and thought I would pass it along. UPDATE! Government Announces Conforming Loan Limit Increases The Office of Federal Housing Enterprise Oversight (OFHEO) today announced it has temporarily increased limits on conforming loans offered by government-sponsored enterprises, Fannie Mae and Freddie Mac, from $417,000 to as high as $729,750 in fourteen counties in California for loans originated between July 1, 2007 and Dec. 31, … [Read more...]