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Jumbo Loans Are Hard To Get?

by cindy ~ July 19th, 2009 ~ Miscellaneous, Uncategorized Comments (85)
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Menlo Park and Atherton real estate is pretty pricey, but the rewards can be priceless! Jumbo real estate loans are the norm here on the peninsula in the beautiful bay area of CA. So, I thought this article (see link below) was pretty accurate about the difficulties of getting jumbo loans now compared to a couple of years ago, and the trickle down affect. Getting a jumbo loan is taking longer. They are available but you really have to know a great Mortgage Broker (which I do!), provide tons of documentation now, better have a great credit score, and leave plenty of time to get prequalified BEFORE you go look at buying a new house.

Several groups are pressuring the Obama Administration to make some changes to the existing jumbo standards to help rebound jumbo loan heavy markets such as ours. If it is done responsibly! and smartly, it should help rebound our economy….and that is a good thing. Jumbo loans should not be hard to get. There are still far too many areas in the U.S. that require jumbo loans for home ownership. It is a demographic that has been neglected and can certainly help with a responsible rebound. Of course, it only makes sense if the applicants are WELL qualified and responsible! You can tell from some of the nasty comments below the story that responsiblility and total qualification is key.

http://www.usatoday.com/money/economy/housing/2009-07-14-sales-jumbo-loans_N.htm

Hope you find this article helpful. If you need any recommendations on great mortgage brokers to help you, don’t hesitate to contact me.

Cindy Liebsch

Peninsula Real Estate News

Jumbo Loans Are Hard To Get?

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