News Flash

4/16/10

Availability of Jumbo Mortgage Loans Increasing

Over the last few weeks the interest in jumbo loans from many investors has increased. As we work with many lenders we see who has an appetite for particular products on a given day.  Due to the lack of a secondary market for jumbo loans, the funds for loans above the $417,000 level, the jumbo product mix retreated from the market place.  While there were lenders doing these loans, many had priced the product at a level that was not attractive.  

We are now seeing investors that are seeking out the jumbo market and contacting us to become much more active in the purchase market.  One lender in particular that has been very active in jumbo ARMs for refinances is stating that they are focusing their efforts to concentrate on meeting purchase deadlines.   In the past we have not used this lender on the purchase side due to the lengthy turn-times.  This is changing and we are now able to offer their product for jumbo purchases.  

The number of lenders putting their toe in the water is increasing, the spread between the jumbo rates and conforming rates is starting to narrow.  This is all good news for the market as a whole and good news for the current selling season.  

Please contact us with any questions.  

Ann & Mo