The News On Luxury Homes

The news on the streets is indicating that starting October 1, 2011 buying a luxury home is going to be a little more difficult.

Fannie Mae and Freddie Mac will no longer secure loans at $729,750.00 in places where real estate is high like San Diego.  The new number is going to be reduced to a maximum of $625,500.00.

If you live in San Diego, you know how those home prices can be high….

What’s going to happen?

  If you want to buy a 1 Mill home prior to October 1st your downpayment would have to be $270,250.  After October 1st it will need to be $374,500.  That is more than $100,000.00 difference.

That means if you want to buy a 1Mill house, do it before September 30th.  If that is just not the case for you right now, let me know, I can point you in the direction of a loan officer that can handle high priced homes and can help.  Email me at [email protected]