Realtor Magazine reports this morning that starting on Saturday, October 1st… many borrowers in the luxury housing market Arizona may find they’ll need a higher down payment or pay higher rates. The size of mortgages that the government will back in several high-priced regions is set to drop on Oct. 1, which some analysts expect will serve as another thorn to the housing market.
In 2008, Fannie Mae and Freddie Mac raised its ceiling on conforming jumbo loans, or million dollar home loans, up to $729,750 in some of the most expensive luxury homes so that larger mortgages would be available to home buyers. But those caps are set to reset on Oct. 1, 2011 scaling back to a maximum of $625,500 for luxury home loans in some areas of the country.
Housing analysts say the drop will make it more expensive and harder for some buyers to qualify for home purchases in the luxury housing market Arizona.
“The down-payment issue is the most significant aspect form borrowers standpoint,” says Greg McBride, a senior financial analyst at Bankrate.com. “These changes will price some prospective borrowers out of the market.”
For more information about buying a Chandler luxury home, buying a Gilbert luxury home, buying a Scottsdale luxury home, or buying a Phoenix luxury home please contact Jason Dawson, Realtor® at 480.442.9809 or contact about buying a home online right now.
This information about the luxury housing market Arizona was provided by Jason Dawson, Realtor®.