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"Jumbo Loans"
Most of the loans that are created now are ones that are underwritten to FNMA and FHLMC guidelines and that are sold on the secondary mortgage market (where loans are bought and sold). FNMA and FHLMC have accounted for the vast majority of loans created in the past several years through their purchase programs and [...]
Continue Reading →When the mortgage industry was going wild, oneof the most useful tools was the combinationfirst loan and second loan. As originators, we could use this combo loanstructure strategically, to help borrowers avoidjumbo loan pricing, or to avoid private mortgageinsurance. But when so many loans started to have problems,the appetite from investors, including Fannie Mae(FNMA) and [...]
Continue Reading →Ever since the mortgage meltdown, there has been atrend to go back to the traditional mortgage productsthat served the marketplace well for many years. Loan products that included stated income, negativeamortization, and high-leverage vehicles that askedthe borrower to put little down payment have beeneliminated. To a large degree, the products that are currentlyoffered include 30-year [...]
Continue Reading →After the mortgage meltdown, the availability of jumboloans has been vastly diminished. Jumbo loans have traditionally been defined as thoseabove the FNMA/FHLMC conforming limit of $417,000. In 2008 and 2009, Congress has allowed for FNMA andFHLMC to purchase what are defined as “high-balanceconforming loans”. The maximum loan amount variesfrom county to county, and currently in [...]
Continue Reading →As we work our way through the tightened approvalstandards that the mortgage underwriters areadhering to, we keep looking for the positivesthat peek out from time to time. First, interest rates are still staying low.For the most part, conforming loans (up to$417,000) for primary residences are in the 4.75%to 5.0% range with a loan fee of [...]
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