Fannie enhances affordable mortgage option
Fannie Mae is making changes to its HomeReady affordable mortgage product which it says will enable even more people to become homeowners.
The product allows borrowers to secure a mortgage with just 3 per cent down and to include the income of non-borrower household members and the new enhancements expand eligibility.
They include simplified income eligibility with income limits raised to 100 per cent of area median income in most areas to make it easier for lenders to determine eligibility. There is also an enhanced support program and increased features driven by feedback from more than 700 lenders who offer the HomeReady mortgage.
Non-residential sector slower with some exceptions
The non-residential real estate market has seen a slower pace, tracking the US economic growth, but there are some stand-out markets.
The latest Commercial Property Monitor from RICS for the second-quarter of 2016 reveals that New York has reached its peak or already in a downturn but industrial property is faring better. Demand, especially from foreign investors, is still rising.
Nationally, survey respondents expect rental prices to show slower growth in the next year of 1.2 per cent although the multi-family sector should do better at 2.6 per cent.
Capital values are expected to rise by 1 per cent in the next year, far slower than the 2.9 per cent growth that respondents expected when last polled in the first-quarter.
Jackie Collins estate sells for $30 million
The estate of the late Jackie Collins has sold for $30 million. The New York Post reports that the Beverly Hills compound comprises two adjacent homes; the main 20,000 square foot mansion where the author lived; and a 5,200 square foot home which had been rented for a decade by Al Pacino.
The listing was handled by Brett Lawyer and Susan Smith of Hilton & Hyland and the estate’s buyer is local property investor Ben Nehmadi.