La Jolla Jumbo Mortgage Liquidity Expands

By
Mortgage and Lending with San Diego VA Home Loans/858-777-9751

la jolla shoresRemember when I told you that jumbo mortgage capital, for La Jolla homebuyers, was becoming more readily available?  I spent the better part of the first and second quarters, searching for jumbo mortgage purchasers in the secondary mortgage market.  That project was rewarded in late May:

I thought I was the lone capitalist voice in a market dominated by Wall Street welfare queens.  Naturally, Randazzo's work inspired me to action.   Yesterday, World Wide Credit Corporation  organized a division to provide "capitalist solutions" to the California mortgage market and we named it Jumbo Mortgage Capital.  We've identified non-traditional lending sources, normally eschewed by most local lenders, and can offer the following products to California home buyers and owners:

  • fixed-term ARMs, for loan amounts up to $4,000,000 (fixed terms range from 3 years to 10 years)
  • 30-year fixed-rate loans for loan amounts up to $4,000,000
  • stated-income jumbo mortgage loans for loan amounts up to $2,000,000
  • stand-alone Home Equity Lines of Credit up to $500,000
  • jumbo mortgage solutions, with just 10% down payment, up to $1,000,000

I talked about this in the Wall Street Journal last week.  While most of the people interviewed were expressing tenuous fear, about the government pull back, I explained that private money sources were ready, willing, and able to lend:

Investors and some academics say the government needs to shrink its footprint if private markets are to re-emerge, and that big loans for pricey homes are a reasonable place to start. "Credit unions, small banks, and hedge funds are all eager to buy these loans," said Brian Brady, a mortgage banker at World Wide Credit Corp. in San Diego.

While I was right about the trend, I was wrong about the size; the jumbo mortgage product is explosion is taking off with the intensity of the final space shuttle.  In today's Wall Street Journal, there is evidence that supports the claim I made, in the same publication, just ten days ago.  Yet, even the Wall Street Journal is focused on the agency-jumbo products rather than the capitalist-inspired private lenders. 

We are making jumbo mortgage loans in La Jolla.  Should you need to borrrow up to $4,000,000, call me and I'll try to help you find the money.

 

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Location:
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Groups:
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Tags:
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Rainmaker
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William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Brian.

That's great news in La Jolla and other luxury areas with lenders that care.

Bill

Jul 16, 2011 07:57 AM #1
Rainmaker
311,469
Brian Brady
San Diego VA Home Loans/858-777-9751 - San Diego, CA
858-777-9751

All over SoCal, Bill

Jul 16, 2011 09:31 AM #2
Ambassador
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Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

$4M is pretty generous in my area!  not sure about La Jolla or San Diego!

Jul 27, 2011 12:47 PM #3
Rainmaker
311,469
Brian Brady
San Diego VA Home Loans/858-777-9751 - San Diego, CA
858-777-9751

$4MM is plenty enough in San Diego County.  It covers over 98% od the listed homes

Jul 28, 2011 04:34 AM #4
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Rainmaker
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