Something I am hearing over and over on the street and in the market place is the question " Is money available for home loans?" The answer is a resounding YES. To hear the news about the credit crunch you would think that home loans simply are not available but this not the case.
For borrowers with good credit very little has changed. In many markets prices are declining so appraisals have been a little tougher but other than tightening up on appraisals it is business as usual. In fact for well qualified borrowers with excellent credit and relatively low loan to value ratios (LTV), jumbo rates have never been better. At this writing the rate for a 5/1 ARM up to $3,000,000 is 5.125% with an APR of 5.22%.
For borrowers with poor credit there are not too many options but loans are available if they have a low LTV.
As far as the real estate market in general it is a great time to buy because right now most every real estate market in our service area is having a "sale".
By Brian Leavitt, Broker, Northstone Mortgage
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