Including home buying and selling, commercial, international, NAR member information, and technology. Use the data to improve your business through knowledge of the latest trends and statistics.
Stay current on industry issues with daily news from NAR. Network with other professionals, attend a seminar, and keep up with industry trends through events hosted by NAR.
Including home buying and selling, commercial, international, NAR member information, and technology. Use the data to improve your business through knowledge of the latest trends and statistics.
Stay current on industry issues with daily news from NAR. Network with other professionals, attend a seminar, and keep up with industry trends through events hosted by NAR.
Many consumers have recently faced higher rates or have been forced to put down larger downpayments due to a change to the way loans are classified.
The maximum size of a loan that can be financed by the FHA was reduced forcing some borrowers to make larger downpayments.
The minimum size for jumbo loans (i.e., loans not eligible for FHA, Fannie Mae, or Freddie Mac financing) may also have been lowered, forcing many prospective buyers to increase their downpayments and/or pay higher mortgage rates.
Nearly 50% of all respondents with a buyer-client indicated that their buyer-client was negatively impacted by the change to the FHA and GSE loan limits.
In addition, respondents noted that as a result of the change, buyers switched to USDA or VA financing, borrowed money from relatives, asked the seller to make concessions, or rushed to buy ahead of the deadline.
To read the complete new "Impact of New Conforming Loan Limits" survey, click here >