Guaranteed Installment Loans For Bad Credit Jumbo Mortgage Loans By Portfolio Lenders
O Jumbo, O Jumbo Mortgage, Where for art thou?
Jumbo Mortgage Loans in Current Mortgage Landscape
A couple of years ago you could get a jumbo mortgage installment loans for bad credit lenders at a competitive rate no matter what size or 'shape' your mortgage came in. If you were buying a $1 million property and could only put 5% or 10% down, no problem, there was a loan for you. Wanted a $5 million mortgage on a $10 million house? - done. Fixed rate, Adjustable rate, Balloon, Interest Only, even Negative Amortization payday loans easy approval were available into the millions of dollars for most property types. The wisdom of these loan programs may be debatable but the fact that they have all but disappeared is indisputable. The large national lenders got out of the Jumbo mortgage business beginning in late 2007 and by the beginning of this year the Jumbo mortgage landscape was as bleak as anyone could have possible imagined. There simply was no outlet for a Jumbo loan.
If a borrower had a loan amount above the Conforming loan limit of $417K there simply were no outlets for their loan. This is due to many factors but primarily it became a question of demand. There was (and still is) no demand for the securities that are tied to the Jumbo mortgage product. The government has tried to address this problem in a fashion by adjusting the Conforming loan limit upwards in certain 'high cost' areas of the nation. These increased loan limits allow for payday loans guaranteed approval amounts up to as much as $729,750 to be underwritten and backed by Fannie Mae and Freddie Mac. While this has helped to some degree, there are still plenty of extremely qualified borrowers for whom these increased loan limits are inadequate.
Total Mortgage Still Services Jumbo Mortgage Loan Luckily, there are a small number of "Portfolio" lenders who will still entertain the larger jumbo loan amounts. These are lenders who secure the loans they take against their own deposits rather than sell them on the secondary market. These lenders tend to be very particular about the quality of the loans they take and can be very exacting in their underwriting standards but also tend to offer superb rates to qualified borrowers. It is not every mortgage company that will provide you with access to these lenders. These "Portfolio" lenders are equally as discerning when choosing the mortgage companies that they do business with.
The Jumbo mortgage product has had a rough run lately but is poised to make a comeback as more and more lenders see the quality borrowers who are shut out by their loan size. I encourage any borrower who has found loan amount to be the roadblock to obtaining a great rate to contact our sales people today. We can likely find the product that meets your needs.
Bill Schettler Total Mortgage Services, LLC 326 West Main Street Milford, CT 06460 Phone: 203.876.2200 Fax: 203.783.5632 http://www.totalmortgage.com http://www.totalmortgage.com/jumbo-mortgage-rates.asp