Just released…
We saw this coming and here it is…
Federal government is reducing Jumbo loan qualifiers to protect us from ourselves!
What do I mean?
We already showed that if we are givin the option to spend more money than we earn, then we will and the US economy will implode.
So, in an effort to limit this from happening again…the government is limiting us from buying these homes and will in turn limit the “buying pool” to those not able to qualify for a jumbo loan.
What will happen is home owners will be forced to reduce the price of their homes to reflect this new lowered limit…driving home prices down promptly.
This new cap takes affect October 1, 2011…however, it is already being implemented by banks as standard practice.
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