Fannie Mae and Freddie Mac can now finance more second home and investment property buyers now that the U.S. Treasury Department has temporarily lifted some Trump-era restrictions.
The Biden administration wants to review the limitations put in place by former U.S. Treasury secretary Steven Mnuchin, but in the meantime is allowing the two government-back lenders to expand its offerings. Some real estate observers believe this could promote better housing stability by pulling a number of properties off the market.
Real estate in some places like New York is starting to see inventory drop, with many properties seeing fewer days on the market. That means the current “buyer’s market” is swiftly heading into a “seller’s” one, where home prices — and property values — could rise significantly.
Typically, mortgage lenders are less likely to provide loans that couldn’t, at some point, be purchased by agencies like Freddie Mac and Fannie Mae.
Some of the notable residential real estate transactions as reported through city property records:
• 3428 Tibbett Ave. — Jennifer N. Fanduiz to Jamie Nicole Ellenbogen for $832,750
• 3243 Tibbett Ave. — Ahmad Saber Khiabani to Martin Smith for $830,000
• 632 W. 230th St. — 632 West 230th LLC to Richard Bakst for $1.65 million
• 4940 Arlington Ave. — Kalman Ausubel to Samuel Rosenbaum for $1.9 million
• 6147 Delafield Ave. — David Martineau to Daniel Rogers for $859,500
• 2265 Edsall Ave. — Rayne Gaisford to Paul Hemmings for $1.1275 million
• 6030 Tyndall Ave. — Agnes Grunfeld (as executor) to Paul Belobritsky for $780,000