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Big mortgages: Harder to get and more expensive

Posted on 03 October 2011

Starting Saturday, the beleaguered housing market will confront the latest hurdle to its recovery: The size of mortgages that the federal government can back will be drastically reduced in high-priced regions.
When the bubble burst, mortgage banks had virtually stopped lending, except for government backed mortgages, which were capped at $417,000. Buyers of high-priced homes, mostly on the coasts, found themselves frozen out of the market, unable to get the bigger, “jumbo” loans that they needed……………………………………….Full Article: Source

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Laxman - who has written 28515 posts on Opalesque Real Estate Briefing.


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