dhughes' Blog: Mortgage

My phone is ringing and my email is sounding off! It’s a wonderful thing. The buyers in the Reno and Sparks area are starting to come out of Real Estate hibernation mode and are ready to buy. They are getting some great deals as the market has adjusted back to affordability.

Homes sales in the Reno area grew to 300 in April. That number does not include sales in the Pleasant Valley, Lemmon Valley and Stead areas. That’s a better number than we have seen in the last couple years.

 Fannie Mae is giving us a helping hand by dropping its policy of a higher down payment and not labeling Reno as a  “declining market”.   This allows buyers to put down 3% instead of the 5% they were requiring them to do. This should make it easier for buyers to purchase homes in… Read Full Post

Last Thursday the Fed dropped its key overnight lending rate to 2% in a move to curb recession. What that means for Reno homeowners is a 30 year fixed mortgage currently at 5.72% down from 5.86% last week. The prime lending rate fell to a corresponding 5% which applies to a lot of home equity lines of credit, credit cards and other loans. This will help the Reno Real Estate market and any buyers who are sitting on the fence.

If you want to see what you qualify for you can go to my website at www.homes-reno.com and get started.

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