Tag Archive for: jumbo loans

What Happened To The Jumbo Loan Market? Why You Should Be Worried!

Agents and loan officers dependent upon jumbo mortgages should be worried – very worried! But, before I explain why, I want to touch on rates today, as they are lower […]Read More

Jumbo Loans In Peril Because Of Commercial Bank Issues

The former owner of RPM Mortgage (now merged with Cross Country) told me about a particularly harrowing ordeal he went through in 2008. His company had locked tens of millions of dollars of loans with the intention of selling them to particular investors when they closed.Read More

Commercial Banks Pulling Out Of Jumbo Market; Why & What It Means

Commercial banks are pulling out of the jumbo market rather suddenly – after dominating it for the last year or so. The question is why and what does it mean? […]Read More

2023 Conforming Loan Limits Surge To Over $1 MILLION! Some Interesting Perspective

1994’s Limit Was $203,150 When I got into the mortgage business in 1994, the conforming loan limit was $203,150. Adjusting for inflation, that is about $408,000 today (almost exactly 2x […]Read More

Are Home Equity Lines (HELOCs) Still A Thing?

The Prime Rate today is 6.25% – a full 3% higher than where it was last year at this time. Prime Rate is the rate that commercial banks charge their […]Read More

Are Rates Really Over 7%? Not Really; Rates Up 2% Since August; Surveys Lag Market

Today’s average interest rate is 6.82% per Mortgage News Daily (about 1/2% higher than where they were last week). The average is up almost 2% from early August when it […]Read More

Cash Reserves After Closing – How Important Are They? Inflation…Or Not

Four of our borrowers starved to death shortly after moving into their homes last year. This is because our poor borrowers had no money to buy food because most loan […]Read More

Jumbo Rates – Almost 1% LOWER Than Conforming; Going For Jumbo!

I actually blogged about why jumbo rates are so much lower than conforming rates in April, and here are some of the other reasons: (1) Jumbo loans have stricter guidelines so they are less risky; (2) Jumbo loans have tighter appraisal requirements – again impacting risk; (3) Big banks that fund or buy jumbo loans are desperate for yield and will take what they can get; and (4) Jumbo lenders want to establish relationships with well-off borrowers and will fund loans at a loss in pursuit of those borrowers.Read More

What Is A Jumbo Loan In California?

A jumbo loan in California is a loan amount that exceeds the conforming county loan limits set by the Federal Housing Finance Agency (FHFA). A jumbo loan is a conventional (not government-insured) mortgage loan.Read More

What Is A Jumbo Loan In Texas?

Jumbo loans are mostly used by those purchasing higher-end or “luxury” properties. By design, conforming loan limits are usually set higher than the median home price within a particular county. In theory, this gives homebuyers plenty of properties to choose from without the need for a jumbo loan.Read More

Our Massive Jumbo Niche & How It Benefits You!

The median home value in many of our core markets is well in excess of $1 million! As a result – we were FORCED to become “Jumbo Financing Experts” because […]Read More

Why Lenders HATE Jumbo & Why JVM’s Jumbo Rates Are SO LOW

JVM FHA OFFER ACCEPTED OVER CASH OFFER As a brief aside – one of our clients recently had his 14-day-close FHA offer accepted over an all-cash offer – at the […]Read More

Conventional vs. Conforming vs. Government vs. Jumbo Loans; Bias For Action

CINNABON STORY – BIAS FOR ACTION I heard this story on a podcast a few months back and just had to share it. When Cinnabon first started, they could only […]Read More

Appraisal Reviews = Collateral Reviews = CDAs = DELAYS (Mostly For Jumbo)

The appraisal review requirement is one of the reasons why jumbo loans take at least a week longer to close than conforming (Fannie/Freddie) loans.Read More