“Shopping for the best financing should start long before you start shopping for a home.”
When you’re looking to buy a home, the first thing most homebuyers do is start the process of house-hunting. However, experience proves that this is one of the last steps you should be taking if you want to get the most homes for the least amount of money. In fact, shopping for the best financing should start long before you start shopping for a home. One thing you never want to forget to do is secure the best financing rates, which is an essential step.
Our report outlines 3 important steps you should take to obtain the best financing rates for when you buy a home.
Visit our website or call us now and find out what questions you should ask, and how to manage the process to your personal advantage!
or for more on how to secure the best financing rates call us directly at (239) 399-5432 now!
U.S. Funding More Multifamily in 2022 – 50% Must be Affordable
By Kerry Smith
The U.S. will increase loan caps for multifamily housing by 11.4% next year, and 50% of the $156B total ($140B this year) must go to “mission-driven affordable housing.”
WASHINGTON – The Federal Housing Finance Agency (FHFA) announced 2022 multifamily loan purchase caps for Fannie Mae and Freddie Mac will rise to $78 billion, or an 11.4% increase over 2021 caps.
In 2022, the Enterprises will have a combined $156 billion cap, up from $140 billion this year ($70 billion each). FHFA says the amount is based on future projections for overall growth in the multifamily sector. If demand turns out to be stronger than projected, the amount could move even higher; however, FHFA won’t lower the caps if the market proves to be smaller.
The loans have rules attached. FHFA says the 2022 amounts must have a “strong focus on affordable housing and traditionally underserved markets.” Of the total funding, 50% must be “mission-driven affordable housing,” and 25% must be “affordable to residents at or below 60% of area median income (AMI),” an increase from 20% this year.
FHFA Acting Director Sandra L. Thompson says the increase assures that Fannie and Freddie “have a strong and growing commitment to affordable housing finance, particularly for residents and communities that are the most difficult to serve.”
Along with announcing the funding increase, FHFA says it changed some of the lending definitions, notably what entails “mission-driven affordable housing.” It published information in Appendix A: Multifamily Definitions.
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