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Urgent: No More High Balance Conforming Loans for Manhattan
There have been a lot of blogs lately about mandatory 20% down payments, QRM, and increases in FHA minimum down payment requirements.
There have been some lively and heated debates on the subject. While I commented and stuck my two cents in, for the most part it's moot in the Manhattan market.
Manhattan is an expensive market, it's also a market with high-paying jobs and high incomes. It is also a market with 50% of transactions all cash. Short sales, foreclosures, sub prime, REO, FHA not terms we're very concerned with. 
Buyers here have always had skin in the game. A minimum 10% down for a condo and a minimum 20% down for a coop in addition to good income, assets and credit. Quality buyers buy quality real estate.
Real Estate is Local!
This post is for buyers and sellers in Manhattan, those fortunate to be in the Manhattan market that has avoided the worst of the housing crises. This post is about the end of High Balance Conforming loans in expensive housing markets such as Manhattan.
For buyers that need financing, if you've been waiting now is the time. After October 1st 2011 it may cost you $100,000 more.
A ... more

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