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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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