Don't Miss The Window of Opportunity Between Now and April 2009!!

With most lenders concerned about condo loans because of their default rate, Fannie Mae has added a fee of .75 percent of the loan amount of a 30-year fixed mortgage, for borrowers who put down 25 percent of the purchase price or less, effective April 1. So for a condo priced at $300,000, with a mortgage of $240,000 (a 20 percent down payment), if Fannie will be purchasing the loan from your lender, it will assess the buyer an additional $1,800. This presents a window of opportunity for savings for buyers between now and April 1. First time buyers have the added incentive to buy this Spring in order to tap into the first time buyer tax credit.