Location and Done Is Our New Mantra
It is May… and finally at last, the?”jumbo conforming” loans (up to $729,750) are now available and ironically just as?the new?appraisal rules (for lending) come into play this month.?
On the Northside of San Francisco the median asking price for Condos?is now $1,095,000 and for Homes, it is now?$3,495,000.
For stellar buyers that have been eyeing?prime located Condos and/or Homes in “done” condition?on the Northside of San Francisco, they are?now able to take full advantage of? a “jumbo conforming” loan (up to) $729,750 at an?attractive rate below 5% that the Fannie Mae & Freddie Mac “conforming” loans (up to $417,000)?have been touting?for some time now this year.
Under Fannie Mae & Freddie Mac guidelines on the Northside of San Francisco:
29 Condos out of 179 Condos on the market have asking prices of $556,000 or less. Buyers for these 29 Condos are able to take full advantage of the lowest interest rates with 25% down payment and the “conforming” loan amount of $417,000.
An additional 52 Condos out of 179 Condos on the market have asking prices between $556,000 and $973,000.? Buyers for these 52 Condos are?able to take?full advantage of the lowest interest rates with 25% down payment and the?”jumbo conforming” loan of $719,750.
There is only one home out of 64 homes on the market is?asking price below $912,000 for Buyers to?take full advantage of the lowest interest rates with 20% down payment using the “jumbo conforming” loan amount of $719,750.
With the new appraisal rules, appraisers will be an “arms-distance” from the lender and a “done” condition will be a Seller’s best defense in getting an accepted offer closed.
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