Sunday, March 22, 2009
Banks Re-enter Jumbo Loan Territory
Bank of America is among the major banks rolling out jumbo mortgage programs and holding the loans in their own portfolios.
It will offer loans from $730,000 to $1.5 million with 30-year fixed rates under 6 percent; but borrowers must make a 20-percent down payment, have good credit, provide proof of income, and hold six months' of principal, interest, property tax, and insurance payments in reserve.
Other banks offering jumbo loans include ING Group's ING Direct unit and Luxury Loans of San Diego.
This is a good thing for our jumbo market over $417,000 loan Amount. The above post is courtesy of CNBC.com which has great news and commentary on the financial markets.
To view all bank owned and foreclosed homes in the Charleston and Mount Pleasant SC area, click on http://www.housedog.com
It will offer loans from $730,000 to $1.5 million with 30-year fixed rates under 6 percent; but borrowers must make a 20-percent down payment, have good credit, provide proof of income, and hold six months' of principal, interest, property tax, and insurance payments in reserve.
Other banks offering jumbo loans include ING Group's ING Direct unit and Luxury Loans of San Diego.
This is a good thing for our jumbo market over $417,000 loan Amount. The above post is courtesy of CNBC.com which has great news and commentary on the financial markets.
To view all bank owned and foreclosed homes in the Charleston and Mount Pleasant SC area, click on http://www.housedog.com
Labels: charleston and mount pleasant sc real estate.
