The new FNMA "High Balance" loan program is making somewhat of an impact in the market currently. In my old stomping grounds of Union County, the new loan limit for such loans is set at $625,500 from the current Fannie Mae floor of $417,000. This program has increased the liquidity of the jumbo loan market and hopefully we still start the feel the effects of the loosening market.
The basics for the program allow for a purchase with just 10% down for up to a $625,500 loan amount. Rate and Term refinances are also available for up to 90% of a home's value to the $625,5000 loan limit. Cash-out refinances are available as well, to 75% of home's value.
Rate-wise, the Fannie Mae High Balance Loan tends to be slightly higher in rate than the traditional conforming loans under $417,000 from anywhere from an 1/8% in rate to .5% in rate, depending on the type of program.
The program is available as well for second homes and investment properties in eligible areas, with slightly different guidelines.
We also have True Jumbo portfolio loan programs available in Ct, NJ, DE and some select PA counties for loans over $625,500, as well as jumbo loan programs for Counties who still have the $417,000 Fannie Mae Loan Limit. The rates and terms we can offer on our true jumbo product is extremely competitive with the Fannie Mae HBLP.
Call or email for details!
Michael Byrne
908 531 6170 Cell
Gateway Funding Diversified Mortgage Services, L.P. is licensed by the PA Department of Banking as a first mortgage banker and licensed pursuant to the PA Secondary Mortgage Loan Act; Arkansas Mortgage Company License; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; DC Mortgage Lender and Broker; a Georgia Residential Mortgage Licensee (#15499); Illinois Residential Mortgage Licensee; Kansas licensed Mortgage Company; Massachusetts Mortgage Lender and Broker (#MC-3052); Licensed by the New Hampshire Banking Department (#10192-MBB); Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker NYS Banking Department; a Mortgage Lender and Broker in Rhode Island; Gateway Funding is also authorized or exempt as a mortgage banker in AL, CO, CT, DE, FL, IN, IA, ME, MD MI, MN, MO, MT, NE, NV, NM, NC, OH, OK, OR, SC, TN, TX, UT, VT, VA, WV, and WI. This is not an offer to extend credit to any individual who may be entitled to a more complete disclosure per RESPA, TILA, HOEPA or any other more applicable federal, state or local law or regulation, Rates, Terms, Fees and Equity requirements are subject to change without notice. For qualified borrowers only. Equal Housing Lender. © 2008 Gateway Funding Diversified Mortgage Services, L.P.
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Loan Counselor with 15 years experience. Doing business in over 40 states. Vast knowledge of FHA, Investor Financing, and automated underwriting. I pride myself as a problem solver.
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