Fannie and Freddie Rules for Refinances

This is a great article by Kenneth R. Harney with the Washington Post.  It covers the overall rules to refinance a Freddie or Fannie loan. A couple of key highlights. These refi’s are not exclusive to primary residences. Second homes and “small” rental properties are eligible in some cases.

These loans are designed to help the 4 million to 5 million home owners with Fannie or Freddie Mortgages. They will help them  to lower rates even though they would normally not qualify because of a decrease in the property value.

Funding of these loans is scheduled for early April.  There a some key exceptions to the traditional requirements as well. For example: Credit Scores, & Second Mortgages. Check it out, it’s a good one!

February 2009 Stats

Here are the Denver Metro Stats for February. Closed residential sales were down 14% in February and down 15.8% year to date. Inventory levels are off by 20% compared to this time last year and new listings for February are down 23.6%. The average sale price for residential homes was at $236,920.

If you need stats for a specific area let me know.

March Technical Bulletin

Here is the Technical Bulletin for March 2009, “Alternatives to Foreclosure and Foreclosure Scams to Avoid“. This months bulletin gives a good overview of a few of the options your clients have to foreclosure. Also, here is a link to  Federal Trade Commission a great resource for you and your customers.

February Technical Bulletin

Here is the Technical Bulletin for February 2009, “10 Ways to Grow Your Business In Today’s Down Economy“. This piece just reminds me that the right activity drives business. We can all stay busy with day to day stuff, but if we focus our time on the right activities our business will continue to grow.  During the day I focus on setting one on one appointments, make calls to meet with new people, and networking. I also like the note in this bulletin about Social Media.