From Realtor Magazine Online, Daily Real Estate News December 9, 2008
The deadline for getting what is known as a conforming jumbo loan is closing. As of Jan. 1, the maximum for loans that Fannie Mae and Freddie Mac are willing to buy will decline from $729,750 to $625,500 in the nation’s priciest areas.
Also, beginning Jan. 1, underwriting standards for these loans will rise, requiring that most buyers put down 20 percent and have a debt-to-income ratio as low as 30 percent, according to the trade publication Inside Mortgage Finance.
Observers say this makes it more likely that home prices in these upper ranges will fall, pushing down prices for less-costly properties in the process.
Source: Washington Times, David M. Dickson (12/09/08)
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