On September 30, the cost of a mortgage could rise significantly. If this happens, many of our clients run the risk of being priced out of the American Dream of home ownership. Even worse, this could hold back the housing recovery.
San Mateo County limit is currently $729,750 and it is scheduled to do down to $625,500.We, and many fellow realtors, have taken action and written to our senators and representatives urging them to reconsider, but sadly it does not look like it will have an impact. Some banks have already reduced the limits to reflect the pending change.
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