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Old 02-26-2009, 01:38 PM
3 posts, read 8,444 times
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Sorry if this question has already been asked. Is it still possible to obtain a jumbo loan? I was wondering if they are any lenders out there still doing these in this market. A friend is trying to obtain one in Florida.
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Old 02-26-2009, 03:14 PM
Location: Wake Forest, NC
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Jumbo loans are still available. The best rates I have are through a couple of portfolio lenders- they hold and don't sell to Wall Street. No 30 year fixed though ARMS and 10-15 year fixed. With proper equity, income, and credit scores rates are in the igh 4's for a 5/1 ARM. DM me and I can refer you to someone in Florida.
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Old 02-27-2009, 06:54 AM
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30% fixed for jumbo loans at almost non-existent especially in Florida. They will charge you around 7-7.5% if you are lucky. And that's with 30% downpayment.

You can get a 5/1 ARM or 7/1 ARM for around 5-5% but you will need to put down around 30% downpayment.

But why should you settle for an ARM when the 30 year fix for conventional loans are in the high 4% range.

I faced that problem myself when I was looking for homes in the 600-700K range. I didn't mind putting even 25% percent down but I did not want to settle for a ARM at a time when the 30 year fix was so low. I'd have to put down 250K down just to drive the loan down to 417K for a 30 year fix.

The jumbo loan market is in chaos these days unless you want to settle for an ARM. It sucks that responsible people who have money and the huge downpayment will get penalized for mistakes of others.
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