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The jumbo-mortgage comeback

Smaller and regional lenders are issuing more new jumbo loans and doing more refinancings, which could help bolster home sales in some areas.

• Jumbo mortgages are mortgages deemed “too big” to be sold by lenders to government-supported agencies such as Fannie Mae and Freddie Mac.
• The loan limit of a jumbo mortgage varies depending on location. In high-cost areas, including many areas in California, jumbo loans are generally considered those that exceed $729,750. In other areas, the jumbo loan limit usually is capped at $417,000.

• Some borrowers applying for jumbo mortgages are finding the processing time at larger lenders can be as long as four months, while some smaller institutions can process a jumbo mortgage as quickly as 30 to 60 days.

• Additionally, borrowers seeking jumbo mortgages for condos or vacation properties also may be better served using a local lender or contacting a mortgage specialist, as many large lenders have reduced their lending activity.

• With jumbo mortgages, borrowers still need excellent credit profiles and must provide complete documentation and verification of income. Down payments of 20 percent to 40 percent also tend to be required for a jumbo mortgage.

David Hoshaw
WEICHERT, REALTORS® - Hoshaw & Associates
28009 Smyth Drive, Santa Clarita Ca 91355
Office: 661-287-4466 x226
Mobile: 661-312-1579

David@scvrealty.com

http://www.scvrealty.com
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