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"Million Dollar Listing" Financing is Changing in Orange County, California
Million Dollar Listing Financing is Changing in Orange County, California
My favorite real estate show is Million Dollar Listing.  Not only is it virtually in my backyard, the situations that arise on the show seem relatively more authentic than other real estate shows (I'm looking at you House Hunters).  In October, financing may get trickier for those trying to buy a Million Dollar Listing.  Unless the law changes (and they do seem to quite frequently these days), the temporary "Conforming High Balance" loan limits will decrease in Orange County from $729,750 to $625,500.
Big deal you say?  Who is buying these homes anyway?  Well, last year there was a 26% increase in sales for million dollar listings in Orange County.  About 30% of those purchases were for cash, which leaves about 70% that needed financing.  So, come October, lowering the Conforming High Balance loan limit could affect up to 70% of the buyers in one of the faster growing Orange County market segments, the Million Dollar Listing.
What are the ramifications of this change?

 
Higher interest rates
Starting October 1, loans between $625,501 and $729,750 will no longer be considered Conforming High Balance, but instead will be considered "Jumbo," ... more

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