Here in Ashland, Oregon, where the current median priced resale home sells for $355,000 and a new home for $389,000 per JacStats.com, we happen to have a fair number of properties priced above the maximum conforming loan limit of $417,000, and the temporary jumbo conforming limit of $422,500 for a single family home.
We've heard so much about how high the costs have gone on Jumbo real estate loan financing since the credit tightening, but did you know a 30 year fixed rate loan of $600,000 with a 20% down payment is currently at 6.125% with ¾ point cost (6.253 apr)? Or with 10% down payment, 6.5% with 3/4 point cost (6.636 apr) with lender paid mortgage insurance?
Interest rates are still very low, and there are still loans available for higher priced homes that make sense.
See you at the closing table!
Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com
Karen Cooper - OR|CA Mortgage Consultant - www.Quality4Loans.com
Providing high Quality, Professional, Ethical service to Oregon and California home buyers and owners since 1983. Whether you are taking out your first home loan or your fiftieth, for your home, your second home or for investment, put my knowledge and expertise to work for you.
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These are actually good numbers. I guess the perception is different.