Not really sure at this point.. However, the powers that be are talking about it!
The federal government is reconsidering their involvement in the home mortgage process. They plan to still ‘guarantee’ certain mortgages. However, they appear to be redefining what they consider a ‘qualified purchaser’. They are discussing stricter lending guidelines in four different areas:
How to Read Zillow, Trulia and Other Online Home Price Websites - WSJ.com
Jason Gonsalves worked hard to turn his 6,500-square-foot stucco-and-stone home in the suburbs of Sacramento into the ultimate grown-up party pad, complete with game room, custom wine cellar and an infinity-edge pool overlooking Folsom Lake. When interest rates fell recently, Mr. Gonsalves, who runs a lobbying firm, looked into refinancing his $750,000 mortgage. That's when he got startling news—the home had dropped more than $200,000 in value while he was renovating. Or at least, that's what one real-estate website told him. Another valued the house at only…
Read more at : House Logic
As a Realtor working with buyers looking to grind down Home Sellers for the Best Deal and working with Home Sellers looking to keep as much equity as they they can. You need to read this, Contact me if you need some help sorting this all out. Neal
Direct Phone 630-724-4729 email- neal.paskvan@bairdwarner.com
