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  • Comment Detail

  • Date: 07/17/15
    First Name: Alex
    Last Name: Durham
    Organization: N/A
    City: N/A
    State: N/A
    Attachment: N/A
    Number: 2015-N-03

  • Comment

    The FHFA should definitely do something about the conforming limits and needs to index them to something. It makes little sense that the $417K limit applies to Chicago and rural Illinois yet alone small town Alabama? We bought in the suburbs and there is even a big difference between Western Suburbs and Joliet yet we all have the same limit. In our case we had to come out of pocket for 25% down in order to get the conforming limit and rate which was a big stretch for us and is too much for many including some family who wants to do the same. It seems that higher cost cities should be capped based on the higher housing costs and not the median too. That would limit desperate impact and help those in a similar situation to some around me. Please consider adding more high cost areas such as Chicago and other larger cities and index them to the true cost of housing as incomes/local work opportunities often drive such metrics too. Thanks.