According to a recent article in the Realtor Magazine, Jumbo Loans have remained stable.
“The luxury housing market has been rebounding at a quicker pace than the lower-end market, and confidence is growing among high-income home buyers,” says Guy Cecala, publisher of Inside Mortgage Finance. “Higher-end borrowers have recovered faster and stronger than lower-income Americans from the recession,” Cecala told The Wall Street Journal.
Since competition for Jumbo loans is so high, many lenders are relaxing the 20% down payment requirement. Some lenders are considering an 85% LTV in the upcoming months – and some even lower than that.
However, one thing that will never change with Jumbo Loans, are borrowers HAVE to have a great credit score, sufficient reserves and the income to support such a loan.
Whether you are looking for your first Luxury Home, vacation home or 2nd home in Northern Utah, enjoy the personal and professional service we provide. We listen carefully to all your needs, allowing me to quickly zero in on your preferences, saving you precious time. Buying will be fun, enjoyable, and easy! Call us today!!