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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...]

Big Bear Home Buyers, Here’s Some Good News : Mortgage Guidelines Ease Up

If the unfreezing of credit is paramount to an economic rebound, the first signs of a thaw may be here. Monday, the Federal Reserve released its quarterly survey of 84 member banks.  In it, the Fed says that fewer than half of its responding banks tightened "prime" mortgage guidelines over the last 3 months. This is good news for active home buyers and other Americans in want of a new mortgage. "Prime" is a vague term with respect to home loans, but it usually refers to mortgage applicants who can … [Read more...]