Can’t get a jumbo loan??…Think again!

With all the recent turmoil in the real estate market, obtaining a loan for a home purchase or refinance has been more difficult. By far, the most affected product has been the jumbo loan product. In most cases, jumbo loans are loans that have a dollar amount higher than the current conforming loan limit; which as of the writing of this article, is set at $417,000 for single family homes in the continental United States.  According to the Federal Housing Finance Agency (FHFA), conforming loan limits will remain the same in 2010 as they were in 2009.

For those of you who have tried to get a jumbo loan in the last year, and had difficulty, it’s time to give it another look.  I’ll outline a few reasons why you should give it another shot with our new and improved jumbo loan product.

• Loan amounts up to $1.5 million
• Loans up to 85% for purchases
• Loans up to 90% on refinances
• Low, low rates
• No mortgage insurance…ever
• No adjustments for cash out refinances
• Non-escrow allowed
• No minimum monetary reserve requirements.
• Gift funds allowed for the entire down payment
• 650 credit score qualifies
• Condos up to 8 stories
• 2nd mortgages available
• 1 day off the MLS for refinances