Another Compelling Reason To Buy Sooner Than Later –
All buyers (and sellers for that matter) should be aware that conforming loan limits for “high-cost” areas are set to return to the previous limits as shown below. As stated below, all loans originated on or after October 1, 2011 will use the maximum of $625,500 versus $729,750. Assuming a 20% down payment, that is a difference between qualifying for a house priced at $875,000 versus $750,000. That is a rather significant difference.
Of course, we always recommend to clients that purchasing a home has to fit into their life at the moment independent to what is going on in the market.