Just spok
e to Mortgage Banker, Gregory Frank from Blackstone Mortgage Corp. on LI.
He says the Jumbo market is freeing up nicely with Stated Income Loans up to $3Mil in the 4% range.
“Jumbo money is awesome right now”, say Frank.
It’s available for primary or secondary homes, not investment homes.
You have to put more money down than in the past, like 30-50% today, but where there was nothing, there is now “plenty”.
Here’s an article from the WSJ:
Jumbo-Mortgage Market Thaws WSJ.com
Smaller and regional lenders are issuing more jumbo loans and doing more refinancings—as are some big banks that never stopped making them.
6 comments
November 8, 2010 at 2:24 pm
jb
Good news. Any guess how East Hampton’s RE market will do in spring 2011? Buyer’s must be on edge with rates so low and prices likely bottoming, but who knows.
November 14, 2010 at 10:15 am
Michael Daly
jb- I see East Hampton holding where it is for a while.
Only a segment of the market can afford to sell at todays values (down 25-33% from peak 2007) and still many sellers who can afford to sell are unwilling to accept that reality. So, it’s about finding the motivated sellers who are priced correctly for the times.
November 9, 2010 at 8:51 pm
Alex Cortez
This is welcomed news nationwide. With buyers having to face a gauntlet of strict lending criteria, those who are otherwise qualified have been left out in the cold. This will definitely help destination/resort locations. Thanks for sharing, Michael.
November 14, 2010 at 10:16 am
Michael Daly
Alex, Absolutely, but don;t expect to go in without a healthy debt to income ratio and a big down payment.
November 13, 2010 at 4:50 pm
Gene Perez
at least it is a sign that the market is starting to recover although I do not think we are fully recovered yet but at least with more money being available its a sign.. Santa Maria Homes For Sale
November 14, 2010 at 10:18 am
Michael Daly
Gene- I agree…we are in the recovery process. It will be a long one…