The demand for second homes and vacation homes has always been high in Sedona, but now there is a new wrinkle. The shortage of homes for sale has made it harder than ever for first time home buyers to get into the market. Fannie Mae and Freddie Mac to the rescue! They will both now limit mortgages for second homes and investment properties to just 7% of their portfolios.
“This is because Fannie Mae’s mission is to support homeownership, so it doesn’t make sense to be supporting second homes or investment homes. Instead they will focus more of their portfolios on primary homes which will hopefully give more opportunities to first time homebuyers and owner-occupants,” said Daryl Fairweather at Redfin.
Click here to read the full article where I found out about this.