The year has begun, and today's Mercury News enthused about the active real estate market for investors and first time buyers, who can buy houses for $500,000 or less in the Valley. With rents holding steady, investors are able to break even monthly when they buy properties that have lost value in the last year. First time buyers are benefiting from Liberal FHA terms and low interest rates on their starter homes. But what about the market where a buyer needs more than a $625,500 FHA loan?
Those record-setting interest rates we read about are still in the $417,000 or less category...not much use to a move-up or high end buyer in Sunnyvale or Cupertino.
Everybody is sitting tight and waiting for those Jumbo loans to become available.
1 comment:
When do you expect the jumbo limit to be raised to 729k again so we can benefit from the lower mortgage rates? and when do you think the mortgage rates will drop for loans under 625k in our area?
btw, i enjoy reading your blog for local real estate news...
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