For the past several years, jumbo loans have been scarce to come by and what money was available was at much higher rates with more restrictive underwriting guidelines. Now, as money has loosed up a bit, we are seeing more and more competitive jumbo fixed rate products.
Currently, we can offer 80% jumbo fixed rates for up to $1.5 million. We can go 75% to $1.5 million and 70% to $3.0 million. The rates are very competitive, barely over the high balance conforming rates. Underwriting has become less restrictive and, in many cases, is more make sense than on conforming programs. So, if you’re looking for properties over $1,000,000 and have 20% down, give us a call and we’ll explore your options.
In addition to purchases, we also offer these programs on refinances. Where conforming refinance loans consider combining a 1st and a 2nd loan “cash out” and charge a higher fee, these jumbo loans treat combining two loans as “rate and term” and don’t upcharge. These programs are available on fixed rates as well as very competitive hybrid ARMS. Additionally, there is a 30 year fixed rate where the borrower can opt to make “interest only” payments for the first 10 years, a huge monthly savings. Give us a call and we’ll answer any of your questions.