Naples Real Estate News 05/20/08
HOMEOWNERS INSURANCE
Many homebuyers want a property insurer they can trust, and that usually means a name they’ve heard before, such as State Farm or Allstate. But according to the Florida Office of Insurance Regulation, small companies offer equivalent coverage and, on average, are just as reliable as the big ones. And you may find the premiums significantly less than the well known named companies. Sometimes you pay for the brand more than the actually product or service.
HOUSING AID
The U.S. Senate Banking Committee is expected to approve a bipartisan homeowner rescue bill today that could help a half-million struggling borrowers get Federal Housing Administration - backed mortgages. However, it’s not clear whether President Bush will sign the agreement.
FANNIE MAE
Fannie Mae’s decision to allow 5 percent downpayments in declining markets, such as many areas in Florida, will "help encourage buyers to come back into the housing market," according to National Association of REALTORS’ President Dick Gaylord. NAR Chief Economist Lawrence Yun went even further: "The Fannie Mae decision is huge and will have a positive impact, perhaps significantly, on the housing market," he says. "We are very appreciative to Fannie Mae for listening to us and agreeing." NAR and other organizations have been calling on both Fannie Mae and Freddie Mac to change the declining market downpayment policy, which disproportionately affects minorities and lower income families, as well as first-time homebuyers. "We heard the concerns of NAR and we reviewed and determined that changes in our policy were needed," Gwen MuseEvans, Fannie Mae vice president for credit policy and controls.
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