Despite the news of tightening of the credit markets, it appears that after long last that there is a bit of easing in the Jumbo Mortgage Market. Senior management at my company has worked diligently to establish our warehouse lines as well as investor relationships in order to offer many different jumbo loan programs.
Current highlights include great jumbo rates even where the jumbo loan limit was not raised significantly in areas such as Mercer County, Atlantic County, and Burlington Counties. In other areas such as Essex County and Union County, we can offer financing on jumbo loans to 1,500,000 and above.
Fully documented loans are available with a 20% down payment or 20% equity in refinances on loan amounts up to 1 Million. Excellent rates are available on 5/1, 7/1, and 10/1 ARM Programs, as well as the standard fixed rates. Call or email me for customized quotes and details on a loan program for you.
A recent client of mine has taken a relatively novel approach: he is using an interest-only ARM as a means of accerelating his mortgage, rather than making due with the minimum interest payment.
Stated Income programs for the self-employed and No-doc loans are slowly coming around as well. Call for specific details.
All in all, it appears that slowly but surely credit is beginning to loosen for qualified borrowers!
Michael Byrne
www.refi-fhasecure.com
www.mortgageprosforum.com
* Guidelines subject to change without notice and subject to final investor underwriting.
Gateway Funding Diversified Mortgage Services, L.P. is licensed by the PA Department of Banking as a first mortgage banker and licensed pursuant to the PA Secondary Mortgage Loan Act; Arkansas Mortgage Company License; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; DC Mortgage Lender and Broker; a Georgia Residential Mortgage Licensee (#15499); Illinois Residential Mortgage Licensee; Kansas licensed Mortgage Company; Massachusetts Mortgage Lender and Broker (#MC-3052); Licensed by the New Hampshire Banking Department (#10192-MBB); Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker NYS Banking Department; a Mortgage Lender and Broker in Rhode Island; Gateway Funding is also authorized or exempt as a mortgage banker in AL, CO, CT, DE, FL, IN, IA, ME, MD MI, MN, MO, MT, NE, NV, NM, NC, OH, OK, OR, SC, TN, TX, UT, VT, VA, WV, and WI. This is not an offer to extend credit to any individual who may be entitled to a more complete disclosure per RESPA, TILA, HOEPA or any other more applicable federal, state or local law or regulation, Rates, Terms, Fees and Equity requirements are subject to change without notice. For qualified borrowers only. Equal Housing Lender. © 2008 Gateway Funding Diversified Mortgage Services, L.P.
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