Mar 15 2009
Second Homes Are Now Ripe for Refinancing
There is good news for people who own second homes, refinancing for second homes and rental property has also become a priority of the efforts to turn the housing market around. Where previously second homes and rental properties had been excluded from the refinancing package being passed by the new administration, last week that changed. This is positive news for Resort Real Estate. An article by Kenneth R. Harney at Realty Times stated that “Small-scale real estate investors got a pleasant surprise last week when Fannie Mae and Freddie Mac said they’d refinance potentially thousands of mortgages on rental and second homes as part of the Obama administration’s massive housing relief effort.” This is great news considering that refinancing was going to focus on principal residences only prior to the announcement last week. If your mortgage is held with Fannie or Freddie then this refinancing is potentially available to you. If your payments have been on time you are eligible. Looking into refinancing your second home or rental property just might be worth it and could potentially put some money back in your pocket. The good news is that Resort Real Estate is no longer exempt from getting assistance.
