Getting a jumbo loan in Hillsborough, CA has become more difficult in 2009. According to this website, there are currently 83 homes for sale on July 30, 2009. This number is higher than normal, and does not include homes that are not on the multiple listing service. There ary many sales in Hillsborough that never are recorded on the MLS. One of the reasons that so many homes are on the market is because of the lack of jumbo financing in recent months.
There have been some developments recently that make getting a jumbo loan in Hillsborough, CA easier than it has been in a while.
Some lenders have come back into the jumbo loan market. For example, one lender is offering jumbo loans for up to $5 million. The price range of homes currently on the market is between $1,350,000 to $18 million. Having loan amounts up to $5 million won't help everyone, but it should help most.
Another development is the ability to fix the rate on an adjustable loan without refinancing and without having to provide income documentation. If you have an adjustable jumbo loan in Hillsborough, CA, you should read this article about how it works.
The super jumbo loan market, which has been frozen, is thawing. I expect more lenders to get back in the market for higher-end loans, which should make obtaining a jumbo loan in Hillsborough, CA easier than it has been for a long time.
Getting a jumbo loan for homes in San Francisco has been difficult this year. Many of the lenders have either gone out of business, or have dropped their programs.
Finally, some lenders are offering a jumbo loan program, which should help San Francisco home buyers buy homes in this expensive city.
Now in July, 2009, we are offering a jumbo loan up to $1,500,000 as long as the loan-to-value percentage is less than 70% for San Francisco homes. A 10% second mortgage is allowed. So, for a home purchase of $2,000,000, a home buyer could put as little as 20% down. A 720 credit score is required. The debt-to-income ratio can be no more than 40%.
This jumbo loan program is available for single family residences, as well as properties up to three units (there are a lot of multi-family properties in San Francisco). It is also available for condominiums. Second homes and investment properties are not eligible for this program.
Many lenders require two appraisals on loan amounts above $1 million. This jumbo loan program only requires one appraisal in San Francisco, which saves the client money!
Several types of mortgages are offered: 30 year fixed, 5/1 LIBOR, and 10/1 LIBOR. The LIBOR loans also offer an interest-only payment option.
With more jumbo loan products coming on the market, San Francisco real estate will hopefully thrive!
RMC Real Estate Loans is a mortgage broker in Burlingame, CA.
We have been in operations since 1976. As a mortgage broker,
we help our clients obtain a loan from the lender who has the terms that best matches their needs.
The area around Burlingame, generally speaking, has homes that are in the higher end of the sales price spectrum. The prices for single family homes are generally in the $750,000 to $3,000,000 price range.
Because the home prices are high in the Burlingame area, we have decided to focus our concentration as a mortgage broker on jumbo loans. We have affiliated with lenders that have jumbo programs that are attractive to our clients.
To satisfy the needs of our clients, we offer pre-approvals in order to make their offer more attractive. Pre-approvals are powerful because the Burlingame area usually has competitive bidding situations. Without a pre-approval, bids are usually lost.
In terms of programs, not only do we offer fixed rates, but we also offer adjustable rate loans and intermediate ARM loans. Many of our programs offer an interest-only option, which many of our clients take advantage of to control their cash-flow.
We pride ourselves on being a mortgage broker with experience. Each one of our agents has been originating loans for at least twenty years. We are well-respected within the wholesale loan community, as evidenced by our relationships with Citimortgage, Wells Fargo, Bank of America, Met Life Home Loans, and Suntrust.
If you are looking for a mortgage broker in Burlingame, CA, or the surrounding area, RMC Real Estate Loans is the company to call.
Contrary to popular belief, there are good rates available for jumbo mortgag
e loans. Here in California, our most popular mortgage allows you to borrow 70% of the value of the property up to a loan amount of $1,500,000. An 80% combined loan amount is allowed.
Our main jumbo loan sources are Citimortgage, US Bank, and ING Mortgage. Each of them has their specific niches that I think are strong.
Citimortgage is strong with their 30 year fixed rate and 5/1 LIBOR ARM. They allow the highest jumbo loan amount up to $1,500,000. They also allow interest-only on their ARM.
US Bank has very good rates on their 3/1 ARM. They recently raised their jumbo loan amount limit to $1,500,000.
ING Mortgage will allow a maximum jumbo loan amount to $3,000,000. In most cases, asset verification is not required, nor is it stated on the 1003.
Hopefully more mortgage lenders will come back to the wholesale market soon. I will keep you updated on any developments.
As a mortgage originator, I have always equated floating the mortgage rate like peeing at the golf course - you just hope you don't get caught with your pants down!
When you are floating your client's mortgage rate, you figuratively have your pants down. You are exposed to the whims of the mortgage backed securities market. Sometimes you win, sometimes you lose. I don't know about you, but I lose this proposition more than I win. When you float the rate, urine for trouble! (Hee Hee).
So as a mortgage pro, what is the best strategy to get the rate your client wants?Personally, I try to use lenders that have a good rate re-negotiation policy. Wells Fargo has a good policy. You can float down to a lower rate by adding .375% to the fee. Citimortgage also renegotiates (I'm not sure exactly what their policy is, but I have re-negotiated with them). Met Life and Suntrust, I have found, are pretty stingy.
Are there any other lenders out there that will let you leak (another bad joke) down to a lower rate or fee?
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I am a mortgage broker who has been originating since 1985. I specialize in jumbo mortgage loans, commercial, and construction loans in California. Cash out and stated income loans are available.
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