The government takeover of embattled mortgage giants Freddie Mac and Fannie Mae may well be just the thing for the sluggish real estate market. Although taxpayers will have to foot the bill for the bailout, a sense of stability is expected to arise from this takeover. Existing Fannie and Freddie mortgages will be shored up and new mortgages easier to get. As with any government agency, the new Fannie and Freddie will require a lot of paperwork. Buyers can expect to be asked to provide 2 full years of tax returns and several months of bank statements and check stubs. Interest rates have fallen to around 5.5% on news of this takeover. This is a great time to buy! Chase Mortgage , our preferred lender, has a great program utilizing these new guidelines. The program is called "Passport to Purchase". Make sure and ask us how to qualify and we will put you in touch with Keith Spain our Chase representative.
Posted by Heyward Young