Tag Archives: jumbo loans

Federal Subsidies For Upscale Mortgages End Oct 1

These caps to jumbo loans are already in effect in practice even though they don’t technically come into force until Oct. 1. More expensive homes won’t qualify for FHA loans anymore. These loans require a 3.5% down payment, a far … Continue reading

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Mortgage Lending Drops Sharply In Distressed Neighborhoods

The WSJ says: Banks understandably do not want to invest in neighborhoods that are going to pot. If homes all around are going into foreclosure, the neighborhood is blighted and banks are not interested in writing new mortgage loans there. … Continue reading

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New York, California Hardest Hit By Decline In Jumbo Loans

Fannie Mae and Freddie Mac are reducing the size of mortgage loans they will guarantee. Such jumbo loans are primarily used to buy expensive homes in just a few counties in the United States, principally in coastal California and New … Continue reading

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Home Sales Drop 3.5% From June

Home sales are up 21% from last year but last year’s number was artificially low. Buyers are less likely to buy a home right now because consumer confidence is weak. Buying a home is a major purchase and without confidence … Continue reading

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Banks Plan To Profit From Jumbo Loans

Here’s the backdrop — the federal government is gradually pulling back from guaranteeing and funding mortgage loans. It can’t afford to keep doing so. So will the private market step up? And at what price? Will mortgage loans be more … Continue reading

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The Limited Mortgage Market For Jumbo Loans

Any mortgage over $417,000 is considered a jumbo. Market conditions are running against such loans. This old man is staring bankruptcy and foreclosure in the face. Here’s advice: One problem is that your mortgage is a jumbo loan, and the … Continue reading

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Prime Jumbo Loan Delinquencies Rising

Our housing crash started in 2007 with the subprime crisis. For weeks we debated whether or not it would be confined to the subprime sector. Events seem made that discussion moot. The problem was not restricted to subprime. It was … Continue reading

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The Return Of The Jumbo Mortgage

Two banks are planning to return to the jumbo mortgage market. This market has been dead since 2007 due to a high rate of defaults. Maybe happy days are here again? Bloomberg reports: JPMorgan Chase and Citigroup are expanding their … Continue reading

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New Yorkers Grapple With Housing Bill

Bob Tedeschi writes: The conforming limit, more commonly known as the “jumbo” limit, is the threshold above which Fannie Mae and Freddie Mac cannot buy loans from lenders. When borrowers meet certain qualifications, like minimum down payments and credit scores, … Continue reading

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Refinancing Jumbo Loans

From the Washington Times: Last week I reported that the rates on the so-called "agency jumbo" loans were dropping. Congress recently passed legislation allowing Fannie Mae and the Federal Home Loan Mortgage Corp. (Freddie Mac), the two government-chartered entities that … Continue reading

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