New Jersey Jumbo Mortgage Rates: Our portfolio true jumbo mortgage rates hold steady on some programs, and ticked up a bit on others this week in New Jersey.
Despite the Fannie Mae High Balance Loan Program being introduced, loan limits have remained at $417,000 for Fannie Mae loans in much of New Jersey(Atlantic, Salem, Mercer, Warren, Gloucester, Burlington, and Cape May Counties come to mind), and are at $729,500 in the rest of NJ. The sad truth of the Fannie Mae High Balance loan program is that the pricing is not very competitive as well.
Our true jumbo loan programs that have our New Jersey Jumbo Mortgage Rates, called our Insight Program, allows for higher loan balances at extremely competitive terms! This includes loans over $417,000 regardless of the County.
Currently we have the following New Jersey Jumbo Mortgage Rates with 0 points as of business close on 2/13/09**:
10/1 ARM
30/15 Balloon
Call Michael Byrne at 908 531 6170 current rates.
30 Year Fixed
5/1 ARM, 7/1 ARM, Interest-Only Options, and shorter fixed terms available: Call for quotes
Typical minimum FICO scores of 680 to 700, depending on the program. Full Doc loans only. Subject to verification of post closing assets and full underwriting.* Jersey Shore Lovers: This program is available for second homes as well.
Currently this program is available for loan to values of up to 80% on purchase money/rate term refinances to $750,000, 75% on purchase money/rate term refinances up to $1,250,000, and up to 70% Financing to $1,500,000. A one-time floatdown option will be considered, should rates drop on this program.
We also have other Jumbo and Super Jumbo Products available in the Garden State. Call for details on these ever-changing products. The Insight Program outlined above is a portfolio product and we also have many relatioships with investors who will buy jumbo loans in NJ. we recently have added another jumbo investor: details are forthcoming.
We also offer competitive pricing on FHA, VA and Conventional Loans in New Jersey. We underwrite and fund these loans in-house.
Michael Byrne
908 531 6170 Cell
www.refi-fhasecure.com
www.mortgageprosforum.com
* Guidelines subject to change without notice and subject to final investor underwriting **Price adjustments for loans over $750k on fixed rate loans: add a .125% for fixed rates over 750k for 30, 10, and 15 year, .25% in rate to the 30/15 Balloon and 20 year.
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. © 2009 Gateway Funding Diversified Mortgage Services, L.P.
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