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  • Comment Detail

  • Date: 12/19/13
    First Name: Brent
    Last Name: McDonald
    Organization: AmeriFirst Financial Inc.
    City: N/A
    State: N/A
    Attachment: N/A
    Number: 2013-N-18

  • Comment

    Please do not lower loan limits.

    When loan limits are deployed they set the same for the entire county. This is not nearly granular enough.

    Maricopa county Arizona is 9,224 square miles and home to 3.942 million people. For some parts of the county a $400,000 loan limit is OK, but for others it is insufficient to purchase a home. In Scottsdale a city that is home to 223,515 people the average listing price is $848,109. Home prices are rising at a rate of over 10% per year.

    Conventional loans are needed to serve Scottsdale, Ahwatukee, Gilbert, Mesa, Chandler and other parts where homes cost more. Without than Fannie & Freddie, there isn’t REALLY any loans available for the middle class homebuyer who does not have 30% to put down.

    If somehow FHFA can get more GRANULAR set loan limits by ZIP CODE and NOT by county it would be OK if loan limits were reduced by certain areas.

    Gratefully yours,