From Lake Oconee: FNMA / FHLMC & FHA loan limits have been reduced effective Oct 1, 2011, from $662,500 to $515,200 in Greene County Georgia. The $417,000 limit for other counties stays in effect.
This could further limit buyers of Lake Oconee homes, where the average price this year for an on-water home is just over $650,000.
As of today, there are 139 homes (60% of the market) on the lake priced above $650,000. Buyers for those homes will either need a down payment in excess of 20%, or will have to wade into the world of jumbo loans - and pay higher interest rates.
If you're thinking about buying a Lake Oconee home, the great selection means you are likely to find the home that suits your family best at a great price - but be prepared for higher interest costs if you will be financing more than those limits. I can put you in touch with local lenders to find a program that best meets your needs.
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