Fees Reduced on Mobile & Eastern Shore Home Loans

Fannie Mae and Freddie Mac both announced they will not impose the loan fee increase scheduled to go into effect next month. Fees were to have increased from .5% to .25%, making it even more difficult for Mobile home buyers. The biggest obstacle many ­­­­­­­­­­­­­­­­Mobile home buyers face is the necessary cash needed for a down payment and closing costs.

Both companies, now controlled by the federal government, had decided to increase fees to boost their finances during difficult times.

Freddie Mac, however, will raise fees next year for riskier loan products, including mortgages that allow interest-only payments for the first few years. Freddie also will require higher credit scores for “piggyback” loans that allow borrowers to make smaller down payments by taking out two mortgages.

Taken together, Freddie Mac said the changes would provide “some relief from the challenges in the current market environment,” but added that it is following lending practices “that are prudent and largely applicable in all market conditions.”

Learn more about Mobile home loans at JudySells.com.

Search all Mobile and Eastern Shore homes for sale.

Mobile Eastern Shore Real Estate Podcast

This month’s edition of the Mobile Eastern Shore Real Estate Podcast covers market activity and then we will examine the Housing and Economic Recovery Act of 2008 recently passed by Congress.

Features special guest Terri Murphy of US Learning.

Program length: approximately 7 minutes

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Excerpt from this month’s show:

“The government is offering $7,500 in what amounts to be a tax-free loan, helping first-time home buyers get into a home. 

Up to $7,500 will be given to first-time purchasers as they file their income tax returns. The amount will be phased out above a certain income level and is to be no more than 10 percent of the home purchase price — though first-time buyers will qualify for the full amount.”

Listen to our Podcast to learn more about how the Housing and Economic Recovery Act of 2008 is helping Mobile and Eastern Shore home buyers.


Mobile Eastern Shore Real Estate Podcast-August 2008

Changing home values and higher inventories have presented difficult challenges for distressed home sellers. Fortunately, many lenders are working with sellers by accepting Short Sales and avoiding foreclosure.  Listen to our Mobile Eastern Shore Real Estate Podcast as we discuss today’s Short Sale programs, and break down our own local market trends. Featured special guest is Terri Murphy of US Learning.