Oakland Purchase News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Just Approved: Higher Fannie Mae loan limits arrive just in time for 5% down purchase
Feb. 15, 2021
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Property type: Single family home in Oakland
Purchase price: $857,000
Loan amount: $814,150.
Rate: 2.875% with no points.
This first time home buyer had been looking for an affordable home for several years, hoping to buy in San Francisco since she is a software engineer working in San Francisco, recognizing that at her price range her housing options would be limited to condominiums. The two main obstacles were the high prices in San Francisco combined with her limited down payment. Financing options are very limited for those having less than 20% to put down when the borrowed amount exceeds the Fannie Mae maximum loan amount, which was $765,600 for most Bay Area counties in 2020. ....

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