Friday, March 27, 2009

Jumbo financing in the pipeline

New money is about to flow into an area of the real estate market that has been hardest squeezed by the credit crisis: mortgages too large to be purchased or backed by Fannie Mae, Freddie Mac or the Federal Housing Administration.

Bank of America, the country's largest mortgage lender, is rolling out a large program to finance loans between about $730,000 and $1.5 million, with fixed 30-year rates starting in the upper 5% range. The loans will be available through the bank's retail network and through its Countrywide Home Loans subsidiary.


If you've been postponing a purchase, sale or refi because the loan amount you need is too big for Fannie, Freddie or FHA, check out the new, non-Wall Street sources of jumbos.


Full Article by Kenneth Harney of the LA Times: New supply of 'jumbo' financing in pipeline

No comments:

Post a Comment