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zzyzzx
2012 May 7, 10:36am
Sometimes in the past when I have seen claims that it is "impossible" to get a mortgage what they really mean is "mortgage underwriting standards are back to historical norms".
Pretty much what I would assume as well.
I have been working on getting a jumbo loan for several weeks now. At first our lame broker said, "with your excellent income, job history, and credit profile, you can qualify for a much bigger loan than you are asking for". That's what we thought. We provided all documents requested at the speed of light, since most are stored on our computer or were easily scanned and emailed. Then the bank starts asking for documents RELATED to the documents they requested. More lawyers were brought in, and more letters of explanation written. We've had to ask for an extension on the contingency three times, and the broker keeps telling us, "This will be wrapped up tomorrow, looks great!" Meanwhile, the sellers have pushed the closing date, which screws us royally, our current landlord is in foreclosure on the house we're renting, and we can't sleep, wondering if the deal will all fall apart tomorrow. We almost walked yesterday, and boy did that make these middlemen jump through some hoops....but not enough.
i closed an FHA conforming jumbo at 805k on a two family house in brooklyn, NY, 20% down... in 43 days. lots and lots of documentation and letters of explanations, but the deal got done in a timely fashion. closed on march 5, 2012.
Jumbo is alive and well with me at my bank. Max loan amount $9MM with very, very good rates and low fees.
NMLS 117969
Greg Bleyl
Charter One Bank
216-496-0211
Jumbo is alive and well with me at my bank. Max loan amount $9MM with very, very good rates.
NMLS 117969
Greg Bleyl
Charter One Bank
216-496-0211
I went through the initial steps for pre-approval a few weeks ago. The person on the phone for a VA loan said we could go up to "1M with your income". I thought that was insane. I wonder how much paperwork we would have had to do if we had decided to take him up on that.
It seemed fishy with all the tales of tight credit.
We decided not to go all the way forward to buy a house.
According to this article, the Jumbo market is pretty much dead.
http://www.housingwire.com/news/jumbo-limbo-massive-mortgage-market-finds-nowhere-go
One quote “In the New York area there is no financing available above $1 million dollars.â€. Is that really true? Sometimes in the past when I have seen claims that it is "impossible" to get a mortgage what they really mean is "mortgage underwriting standards are back to historical norms".
When you punch in specifics for a jumbo mortgage on zillow you do get a few links, but nowhere near as many as for conforming loans.
In the Bay Area there are still quite a few houses sold >$1M. Is that all cash, cash + $730k "conforming", or do people actually get jumbo mortgages?
Anyone with first-hand experience or other perspectives?
#housing