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Fannie Touts Benefits of Recent Guideline Changes

Friday, December 4, 2015

A Fannie Mae vice president wrote recently about some of the company's products designed to help existing homeowners move up or improve their homes if they are unable to sell. Jude Landis, VP for single family credit policy said the focus for fostering homeownership is traditionally on first-time buyers.  In today's market however there is a need to confront the struggle many who are already homeowners face in trying to move up from the traditional starter home.

She said a Fannie Mae analysis shows repeat buyers decreased by 40 percent between 2002 and 2014.  Even among those buyers with mid-tier credit scores of around 680 to 740 repeat home purchases have dropped dramatically. Landis speculated that in the case of homeowners with the credit eligibility to buy another home it could be low equity in the existing home that is holding them back.

 

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