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FICO’s More Important Than Ever; JUMBO is Back Everywhere

FICOs affect rates and pricing more than ever now. For an 80% LTV purchase with a $400,000 loan, a FICO of 680 results in a quarter point HIGHER rate than does a FICO of 740. Our above quote today for a 680 FICO results in a rate of 5.0%, vs the 4.75% that we quoted for a 740 FICO.

Almost ALL of our lenders are coming out with true “JUMBO” products – a very good sign for the industry. Today, an $800,000, 80% LTV, 30 Year Fixed Rate loan can be obtained at about 5.625% at cost of one point for a strong borrower.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167