May 16th, 2017 2:06 PM by Andrew Liu, President NMLS#249736
As the Bay Area home
values continue to raise, the values of homes in the surrounding areas have
risen, as well. For example, home values
in San Joaquin area used to be around middle teens and high-end homes would be
around $300k to $400k. Some of these
homes have even gone up to $500ks.
However, Fannie Mae or
Freddie Mac loan limits have not gone up accordingly, which have created
hurdles for the potential buyers who need to purchase homes $500k and above
yet, cannot put down more money for down payments to make up the difference.
We just helped somebody
who tried to purchase a home in Mountain House for about $580,000 yet could not
come up additional funds needed on top of the agencies loan limits. We helped him find a portfolio lender who has
a program which does not have county limits.
Best of all, he only needed to put down just 1% of the purchase loan!
Our client was