As of this morning there are 487 single family homes and condominiums listed for sale on Martha's Vineyard. Of those 287 list for a price of $999,000 or below. 206 of these list for a price between $521,250 and $912,187. Why is this important?
The previous Fannie/Freddie loan limit to receive a conforming loan at conforming rates was $417,000 in Dukes County or Martha's Vineyard. Assuming a 20% down payment the maximum one could pay for a home was $521,250. As of today the loan limit has been lifted to $729,750. With a 20% down payment one could now pay as high $912,187.50 and not have a jumbo loan with rates running 1+% higher than conforming.
This is tremendous news for the middle of the market which has struggled as of late on the Vineyard. Now may be a great time to check in with your local bank or mortgage broker if you are considering a home purchase or re-fi because the initial word is that this lift of loan limits is only temporary.
John O'Connell
www.vineyardrealtygroup.com
508-627-3030
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment