Every so often, we pull comments we think you should know about, because as we always say, this site is nothing without the reader interaction. So today, we take from “brokerism” and his recent comment from our recent post “The Appraisal Conundrum“. Hats off to ya “brokerism”. Enjoy your home:
Well, we had our reasons for jumping in now. My wife wants to change jobs for example, and she has a really strong bonus history with her current firm which we can use to qualify for the loan. This may not be the case if she changes jobs.
We are taking advantage of the (temporary) higher conforming loan limit for 2 unit buildings ($800k). The limit for SFHs (625k?) is also temporary.
Home prices are starting to come down significantly and quickly in SF itself so it will be harder to pass the appraisal in six months to a year as compared to now.
So, the first two reasons [for buying now] are personal, but the third applies to everyone. Why wait and wait and wait and risk (in our case) missing out on a rate decrease from 6.5% to 4.875?