Are Jumbo Loans Making a Comeback?

By
Mortgage and Lending with Blueleaf Lending NMLS #130813

Jumbo Rate Drop

Are Jumbo Loan Making a Comeback?

 

The underwriting is still tighter on jumbo loans than conventional or FHA financing, but lenders and investors are increasing their appetite for solid borrowers that are willing and able to fully document their income and assets. 

Jumbo Loan Interest Rates are currently very attractive and I have seen an increase in traffic for both refinances and purchases.Some clients are now able to afford to buy in a neighborhood previously unattainable.

To get an idea of the appetite increasing for Jumbo Loan Rates, I thought I would share rates as of Friday 1/27/2012 for active clients:

 

Jumbo Rate Chicago

  • Illinois Refinance, Loan Amount of $690,000 7/1 Jumbo Libor ARM Rate 2.875%/2.899APR (801fico) 80% LTV

 

  • Kiawah Island South Carolina, Loan Amount of $810,000, 30 Year Jumbo Fixed Rate 4.50%/4.524%APR (775Fico) 66% Loan To Value

 

  • Illinois Purchase, Loan Amount of $950,000, 15 Year Jumbo Fixed Rate 3.75%/3.784APR (765Fico) 25% Downpayment

 

  • Philadelphia, PA, Loan Amount of $1.5M, 30 Year Jumbo Fixed Rate 4.625%/4.649APR (770Fico) 20% Downpayment

 

Jumbo Rates Drop

Other Niche Jumbo Product Offerings Include:

 

  • 90% One Loan Purchase Mortgage with No Mortgage Insurance 10% Down
  • Additional rate improvement for Fico Scores 800 or higher
  • Common Sense Underwriting for High Net Worth Individuals
  • Portfolio Products for Loan Amounts exceeding $2m

 

Of course, every situation is unique, but in general these rates particularly the 7/1 Jumbo ARM are extremely attractive.When the market first imploded in 2007, jumbo mortgage rates skyrocketed.

I think it’s safe to say that Jumbo Loans are making a comeback!

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Topic:
ActiveRain Community
Location:
Illinois
Groups:
Realtors®
Tags:
jumbo mortgage
jumbo loans
jumbo mortgage rates

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Rainer
215,278
Adam R. Cohn
STANDARD MORTGAGE CO. - Delray Beach, FL
We actually get mortgages closed FAST!

Word is a lot of new programs will be coming out in the next 2 years.

Best Wishes,

Adam

Jan 29, 2012 10:15 AM #1
Rainmaker
58,731
Chris Jones
Blueleaf Lending - Chicago, IL
Sr. Mortgage Planner

I'm hearing the same thing Adam...Hope the low rate environment is treating you good!

Chris

Jan 30, 2012 04:01 AM #2
Rainmaker
1,102,036
Margaret Goss
Baird & Warner Real Estate - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

These low rates and easier availability of jumbo loans is good news - especially in this area where the average home sells in Winnetka for around $1 million.

Feb 04, 2012 02:09 AM #3
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Chris Jones

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