Cramer: Forget About Buying A Second Home

MainStreet.com, September 10, 2008 — ...Right now the banks are having a hard time securitizing second-home loans. Fannie Mae hasn't been willing to take them, perhaps because of this crisis. They ALWAYS used to have a program set aside for second homes. The banks don't want to get stuck with them.

...When the rich are getting turned down for second-home mortgages, it is a sign that the prices are simply illusory UNLESS you can buy in cash. Perhaps that's next down the road as the price of real estate grounds down.
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Rona Ahearn
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Company: Joy Tarbell Realty
Address: 3641 White Mountain Highway
City: North Conway
State: New Hampshire
Zip: 03860
Phone: 603-356-7200 ext 16
Fax: 603-356-6161
Homepage: http://www.jtrealty.com/rona.html
Info: I have saved $6000.00 for a buyer client of mine by making sure they didn't overpay for their condo and this can't be done without putting the right clause in the contract. I make sure sellers and buyers are doing the right thing for themselves in every transaction.

Sharing interests in the Valley is what it's all about, and of course, expertise in real estate. If you're ready to start looking for that 2nd home, or want to relocate like I did, I'll help you to find that perfect place to call home in the White Mountains of New Hampshire.

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Cramer: Forget About Buying A Second Home

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