New Jersey Jumbo Mortgage Rates

Our portfolio true jumbo mortgage rates held steady on most programs for Jumbo Mortgages in New Jersey.

Despite the Fannie Mae High Balance Loan Program being introduced, loan limits have remained at $417,000 for Fannie Mae loans in much of New Jersey(Atlantic, Salem, Mercer, Warren, Gloucester, Burlington, and Cape May Counties come to mind), and are at $625,500 in the rest of the counties in New Jersey. The sad truth of the Fannie Mae High Balance loan program is that the pricing is not very competitive as well, due to several pricing adjustments.

Our true jumbo loan programs, called our Insight Program, allows for higher loan balances at extremely competitive terms! This includes loans over $417,050 regardless of the County.

Currently we have the following Jumbo Rates with 0 points as of business close on 2/20/09**:

10/1 ARM

30/15 Balloon

Call Michael Byrne at 908 531 6170 or 800-999-2489 x7972 for current rates.

30 Year Fixed

15 Year Options, and shorter fixed terms available: Call for quotes

Typical minimum FICO scores of 680 to 700, depending on the program. Full Doc loans only. Subject to verification of post closing assets and full underwriting.* Jersey Shore Lovers: This program is available for second homes as well.

Currently this program is available for loan to values of up to 80% on purchase money/rate term refinances to $750,000, 75% on purchase money/rate term refinances up to $1,250,000, and up to 70% Financing to $1,500,000. A one-time floatdown option will be considered, should rates drop on this program.

We also have other Jumbo and Super Jumbo Products available in the Garden State. Call for details on these ever-changing products. The Insight Program outlined above is a portfolio product and we also have many relatioships with investors who will buy jumbo loans in NJ. We recently have added another jumbo investor with slightly different guidelines that offers some synergy with the Insight Program.

We also offer competitive pricing on FHA, VA and Conventional Loans in New Jersey. See my recent blogs such as these for details: New Jersey FHA Success Stories and VA Financing in New Jersey . We underwrite and fund these loans in-house.

Michael Byrne

908 531 6170 Cell

www.refi-fhasecure.com

www.mortgageprosforum.com

* Guidelines subject to change without notice and subject to final investor underwriting **Price adjustments for loans over $750k on fixed rate loans: add a .125% for fixed rates over 750k for the 10 year, .25% in rate to the 30/15 Balloon, 15 and 30 year, add .375% for the 20 year.

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. © 2009 Gateway Funding Diversified Mortgage Services, L.P.

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