Posted by Thomas (TJ) Underwood on 01/04/2014
Jumbo Mortgage Loans
In the Atlanta area—and throughout the Country (United States) Jumbo Mortgages (those $417,000 and up in Metro Atlanta—and $625,000 and up in other high cost areas) have recently fallen to a level that is in line with conventional loans.
Not since the early 1990’s when I first began my real estate career have I seen jumbo loans at or below those of conventional loans.
If you are one who are shopping for a Jumbo Loan or anticipate shopping for one this year and you have a credit score of 740 or above you can find loans on par with that of conventional loans—roughly 4.25% in January of 2014—in the Metro Atlanta area.
If you only plan on staying in your Luxury Home for only a couple of years—you can find adjustable rate loans in Metro Atlanta in the upper 2% range—for a 5 year Adjustable-Rate-Mortgage.
In an effort to lend money to those with good credit and who desire a Luxury Home that needs financing with a Jumbo Mortgage—many lenders are requiring only a 15% down payment instead of the traditional down payment of 20%.
Keep in mind that when dealing with Jumbo Loans the “Big Banks” normally offer the most competitive rates—so be sure to comparison shop appropriately.