There is good news for people who own second homes, refinancing 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. 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.
Now is a great time to purchase investment property in the Vail Valley. Vail real estate prices have dropped significantly and even those properties that don’t appear to have dropped in price are willing to look at offers well below their listed price. If you are considering purchasing property in the Vail Valley there couldn’t be a better tim. Contact Gil Fancher today, (970) 390-7469, for an extensive look at what is out there and what might give you the best value for you dollar.
