All posts tagged Jumbo Loans

Fort Lauderdale Mortgage Interest Rates Update: June 10, 2011

by Justin Miller on June 10, 2011 in Conventional Loans, FHA Loans, Interest Rates, Jumbo Mortgages with No comments

Mortgage-backed securities, which move interest rates, are moving lower today after getting hit hard yesterday which is bad for interest rates.  Interest rates paying NO POINTS in Fort Lauderdale and South Florida are as follows today on a $250,000 purchase price, 740 credit score, 25 day lock period, primary residence, single family detached home, with escrows are:

  • 4.625% on a 30 year Conforming fixed rate mortgage with 20% down (APR 4.72%)
  • 3.875% on a 15 Year Conforming Fixed rate mortgage with 20% down (APR 4.033%)
  • 4.375% on a  30 year FHA fixed rate mortgage with 3.5% down (APR 5.265)

On a Jumbo loan with a loan amount under $850,000 putting 20% down paying no points with the same parameters as above interest rates are at 5.25% (APR 5.301%)

Call or email me for interest rates on Adjustable Rate Mortgages (ARMs) in Fort Lauderdale and South Florida

Luxury Home’s Market Report

by Justin Miller on September 30, 2009 in Jumbo Mortgages with No comments

I am a very visual person and I am sure many are too.  The link below has numerous charts that show how the luxury real estate market is doing.  I feel there is more liquidity coming back to the market for Jumbo mortgages (loan amounts above $417,000) which could be helping sales of these higher priced homes.

The supply of luxury homes is coming down, the percent of price decreases is stabilizing, etc.  Make sure to take a look at the charts of the different cities.  Miami isn’t looking too bad.  I know in Fort Lauderdale, Broward County, we are along the same lines as Miami due to the steep price reductions over the 12 months. 

http://www.luxuryhomemarketing.com/real-estate-agents/ILHM-Luxury-report.html 

A Million Dollars Gets You More Home Now

by Justin Miller on September 28, 2009 in Jumbo Mortgages with 1 Comment

It is a good time to buy luxury real estate as the article below points out.  Prices are down substantially and you can get a lot more for $1 million than you could a couple of years ago.

“In the 20 largest U.S. metro areas, about 2,800 homes sold for more than $1 million in July — down by more than half from July 2005, according to MDA DataQuick. Nationwide, overall home sales  were down about 27 percent, according to the National Association of Realtors.”

http://www.msnbc.msn.com/id/33045568/ns/business-real_estate/ 

High End Homes Look Attractive

by Justin Miller on September 23, 2009 in Jumbo Mortgages with No comments

There are so many deals out there right now but the higher end homes have really come down in value.  Now you could argue that they were never worth what they were back in the boom but regardless the prices are very attractive. 

The luxury market is seeing a lot of price reductions.  Here are some very interesting statistics.  “Such homes only account for about 2% of the properties listed on the site, but represent 25% of the total price reductions by value. Overall, sellers listing homes for more than $2 million have dropped their asking prices by a total of $7 billion, with an average price reduction of 14%. The average for all properties tracked by Trulia is only 10%.”

Many people think it is hard to get financing on these properties because they fall into the Jumbo loan category which is above $417,000.  That isn’t necessarily true.  The only difference is that they require larger down payments and the rates are higher than market rates but are still very low compared to historical standards.  The reason for the larger down payments is because these properties do not sell as fast so if they foreclose it takes the bank longer to sell the property. 

http://online.wsj.com/article/SB10001424052970204488304574429311693264646.html?mod=rss_PJ_Main

Will The Government Start Buying Jumbos?

by Justin Miller on May 15, 2009 in Jumbo Mortgages with No comments

There are some good reasons why they should.  One of the great points the article makes is that people who are buying lower priced homes can do that with less than perfect credit and very little down when in the Jumbo market you have to have large down payments and perfect credit.  The one thing you need to keep in mind is that the more expensive homes don’t sell as quickly.  That is where some of the risk comes into play, the marketability. 

“The National Association of Realtors is lobbying the government to do just that, by purchasing mortgage-backed securities that consist of jumbos, which are too large to qualify for government backing from Fannie Mae or Freddie Mac. They’re pushing for the government to scoop up the securities through the Term Asset-Backed Securities Loan Facility, or TALF.”

http://blogs.wsj.com/developments/2009/05/15/should-the-government-start-buying-jumbo-mortgages/ 

Jumbos Loan Making A Comeback?

by Justin Miller on March 26, 2009 in Jumbo Mortgages with No comments

Jumbo loans may be getting easier.  I know I have incredible Jumbo rates. This could be good news for the high end market. 

 

http://finance.yahoo.com/loans/article/106802/Jumbo-Loans-Could-Make-a-Comeback

Jumbo Mortgages, Jumbo Headaches

by Justin Miller on February 27, 2009 in Jumbo Mortgages with No comments

Jumbo loans have been a problem for quite some time now.  The loan to values are restricted, there isn’t much of a secondary market for them anymore, and the rates are not very good unless you are doing a 5, 7, or 10 year ARM. 

 

“President Barack Obama’s housing stability plan, announced last week, excludes such borrowers from nearly all of its mortgage-bailout provisions. Instead, it focuses on middle-income consumers who have lower, so-called conforming loans. Such loans top out at $417,000 in most parts of the country, though they can run as high as $729,750 in certain pricier markets, such as parts of California, New York and Hawaii.

 

Anything bigger is called a “jumbo” loan — and not only is the government ignoring this segment of the market, so are lenders, few of whom are originating or refinancing jumbo mortgages. The reason: Jumbo loans are too large to be guaranteed by a government-backed mortgage agency, such as Fannie Mae or Freddie Mac, meaning banks assume the risk if the loan goes bad. In the current lending environment, few banks want to take on any risk.”

http://online.wsj.com/article/SB123543726577454673.html?mod=todays_us_personal_journal 

Is The Housing Market Hitting The Rich?

by Justin Miller on February 4, 2009 in Foreclosure, Jumbo Mortgages with No comments

It certainly seems to be according to the 2 articles below.  The first article talks about Jumbo Loan delinquencies and the second about how their stocks are down and they rely on equities. 

 

http://online.wsj.com/article/SB123335694204035027.html?mod=todays_us_money_and_investing

 

http://finance.yahoo.com/news/HighEnd-Housing-Market-cnbc-14235694.html