It wasn't long ago that my mortgage friends and I were crying in our coffee (or whatever we felt was most therapeutic to cry in!) about the lack of money for deals that made perfect sense.Sure, you could get an FHA loan with $3,000 to your name and a couple of unresolved collections, but just try and get a $700,000 deal on a $2,000,000 home. For a borrower with perfect credit--talk about backlash!
Well, sanity is returning to the mortgage market. As FHA is discovering, their losses will likely have to be made up by taxpayers. And big bad banks are learning that common sense is good business. Mortgage News Daily's survey of best mortgage rates has showed jumbo home loan rates declining steadily, almost to the same level of conforming loan interest rates. But even better news...One of the country's largest lenders announced today that they are making jumbo loans available up to 80% loan to value, to a loan amount of $1,500,000! So get on the phone, get online, get moving! Your day may have come if you're looking for premium financing.
