piggington.com articles
Effective Jan 1 2009,
High Cost Loan Limit for SD - $546250
http://www.fhfa.gov/GetFile.aspx?FileID=134
Time to see the high cost area sliding.
This realy sucks for me. I want to buy a current 975K house that will fall to 825K in 1-2 years. With 200K down (25%), I still couldn't get a loan.
Let's say there is a rich buyer wanting to jump in with 20% down plus wants to max out the conform loan limit:
20% down = 136,562 max conform = 546,250 total = 682,812
Gee, that still seems to be a high price.
Anyway, looks like the lower end homes won't be affected directly or much by this lower limit.
Offer $740? Not sure why this is bad news. Remember many of these homes haven't had their Temeculu moment.
This realy sucks for me. I want to buy a current 975K house that will fall to 825K in 1-2 years. With 200K down (25%), I still couldn't get a loan.
Let's say there is a rich buyer wanting to jump in with 20% down plus wants to max out the conform loan limit:
20% down = 136,562
max conform = 546,250
total = 682,812
Gee, that still seems to be a high price.
Anyway, looks like the lower end homes won't be affected directly or much by this lower limit.
Offer $740? Not sure why this is bad news. Remember many of these homes haven't had their Temeculu moment.