Just spoke 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.

 

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