Jumbo Mortgages Are Coming Back!
There used to be a large disparity between a Jumbo Mortgage (loan amounts above $417,000) and a Conventional loan (loans amounts $417,000 or less) but that gap is beginning to close as the market heats up. If you are looking to purchase a home in the Fort Lauderdale or South Florida area now is the time!
CNBC reported that “The jumbo market has heated up, as tight lending guidelines have drastically reduced consumer late payments, strategic defaults, and foreclosures,” wrote Julian Hebron, a mortgage banker in California and author of the blog The Basis Point. “This gives investors confidence to buy jumbos again, which means lower rates for consumer borrowers. These borrowers can count on lending guidelines remaining tight, but all that means is a bit more paperwork when getting a loan.”