Juicy Estates: Mortgage Blog

20% Down Jumbo Financing Is Available!

My objective in in this post is to dispel any rumors that 20% down jumbo financing is not available or the rumors that jumbo loans are almost impossible to qualify for.  While mortgage brokers and many smaller lenders for the most part no longer have access to jumbo loans many major lenders still offer a full jumbo product set with very favorable terms. 

The fact is that there currently exists very little appetite on the secondary market for non-conforming mortgage backed securities therefore almost all jumbo mortgages are “portfolio loans”.  As a result of this reality the larger lenders with larger balance sheets have a greater ability to deliver these loans are favorable rates and terms. 

Since the inception of the liquidity crisis in the summer of 2007 I have been actively engaged in establishing a network of mortgage bankers at various major lenders in an effort to ensure that my clients have access to the best possible financing terms.  Over the past 6 months I have referred potential clients whose needs I could not meet to other lenders to the tune of more than $10 million in closed loan volume.   That translates to approximately $12.5M in closed residential transactions in the Miami market that might not have otherwise happened.

While I do not get compensated when I refer a client to another lender I feel it benefits all of us in several ways.

1. The buyer is able to secure the financing needed to purchase the new home.
2. The seller is able to sell their current home and in most cases move on to purchase another.
3. The professionals in the transaction such as the Realtors, closing agents, appraisers etc.  earn a commission or a fee putting more money back into the economy.
4. Another sale is completed reducing inventories and helping to expedite the stabilization of the housing market.

In the end we all benefit by ensuring that a potential buyer has access to those financial services which enable him or her to purchase the home. 

If you are a real estate professional or potential buyer I welcome the opportunity to discuss you or your clients home purchase.   In the current mortgage environment no lender can be all things to all people, therefore you can rest assured that if I can not meet your financing needs but another lender can, I will make sure you are put in touch with the appropriate party.

This entry was posted on Wednesday, March 25th, 2009 at 7:17 am and is filed under Home, Luxury Homes, Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. Anonymous said at May 14th, 2009 at 10:54 am

   Need to find a lender that wants to close Jumbo Loans at a decent rate.

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