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2011 Jul 5, 7:40am
The interest rate will be higher than an FHA but we're already as low as interest rates can get.
your own numbers show non-corforming has a 10% higher cost of money. That's a $25,000 hit at the $700,000 price point.
f you're buying a 700k home you SHOULD have something to put down (more than 3.5%)
tell it to the buyers, LOL. As for loan availability, I'm just going by google mortgage thing. They don't have any non-conforming loans without 20% down.
I know Union Bank also doesn't do their own loans without 20% down. Maybe others do. Dunno.
This will fall to $647,000 later this year.
Yeah, and it can't fall fast enough. The conforming limit should be $417K again or lower. It's good to see that this is closer to reality in Monterey County now: "The biggest decline is set for Monterey County, California, where the cap will drop by $246,750 to $483,000."
This guy's quote is hilarious:
“I look at it like a deadline because right now I can get more house for my money,†said Jon Clyman, a 37-year-old real estate broker whose wife is a controller at a bank. “I’m seizing the opportunity while it exists.â€
I'd love for this guy to explain how it's more house for his money.
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http://www.bloomberg.com/news/2011-06-28/banks-appetite-for-jumbos-may-soften-blow-of-new-loan-limits.html
This is only in a few markets. Most notably SF, NYC, Florida Keys and Washington (I'm assuming D.C).
I can't find any numbers for the Keys but it looks like at least from what I see at the 75th percentile only SF will be affected.
www.deptofnumbers.com/asking-prices/california/san-francisco/ No other metro area has the 75th above say 550K
I always thought when they originally raised this that it was odd that technically it appears that the government was attempting to prop up high ended housing.
#housing