In a story in today’s Inman News, Bank of America, Wells Fargo, JPMorgan Chase & Co., and Citigroup are some of the lenders mentioned offering jumbo financing.
See the Inman article here: http://www.inman.com/news/2009/07/6/signs-life-in-jumbo-lending
Guy JohnsonA successful prior business owner, Guy brings to the table twenty-plus years of exceeding client expectations. “Listening closely to my clients is the most important step to meeting their needs,” he says. A former Chicagoan, Guy earned his MBA from the University of Illinois.
Mike McGonagleAn architect, business owner, and compulsive public records hacker, Mike reads the tea leaves of the local real estate market from a unique perspective. Yet another Chicagoan, Mike earned his MArch from Harvard University.
7 comments
Well things have changed from 1-1/2 years ago [something I reported on about 60 days ago], but some of the lenders’ guidelines [which as the linked story documents are by definition different than FNMA’s/Freddie Mac’s] who are offering reasonably priced jumbo financing are next to impossible [at least for the self-employed borrower] to satisfy.
Over the weekend I received an e-mail from Penfed announcing that they had dispensed with the surcharge for jumbo 30 year fixed financing - both are currently at 5.375%. But as I’ve reported, if you’re a self-employed borrower, Penfed’s guidelines are essentially impossible to satisfy.
Spoke to my mortgage lady today and according to her, there has been change at Wells Fargo Bank.
Sorry; there’s been NO change at Wells Fargo Bank.
To smarten,
Again, congratulations on your home purchase. I’m sure that you’ll enjoy your new home, and if I’m right, you look at this home as a place to live, not as an investment.
Which is the most reasonable way to buy a home, in my opinion.
Smarten
Congratulations on your purchase..
Bill..that is the way to look at it..Buying an investment home or a turn and burn to me is just “sticks & bricks” no attachment..Buy it rehab it and either rent it or flip it for a profit and move on the next one..
The people who buy a house turn it into a home..After being in tens of thousands of houses not to many have that “home” feeling to them..Hard to explain but you walk into some houses and they are cold and empty feeling..Some of the places you walk into and you get that cozy home feeling..
The only changes at Wells Fargo is after the new updated underwriting guidelines hit the underwriters desk it now takes an extra week to underwrite a loan..
The are so messed up and unorganized on the wholesale end brokers are leaving them in droves..
Horrible..Horrible customer service, horrible underwriting, horrible turn times, horrible system and horrible people who work for them
You guys shouldn’t ask me how I feel about Wells Fargo..
To inclinejj,
I know what you mean. Some houses look like showcases, but don’t give you the feeling that you could actually live there. Sort of like the ones profiled in Architectural Digest.
As far as WFB, if you recall, Wachovia and World Savings merged, and WFB was tapped by the Fed to pick up the pieces. So now, the mortgage side of WFB includes the bad paper that World wrote, and the bad operating systems that Wachovia used.
No wonder they’re acting like the Keystone Cops.
Inman “comeback of sorts”, is that like green shoots? “Green sorts” yeah that is it!
Ok so there is some of pent up demand, stuff in the pipeline, BoaA might as well get it instead of some other org.
Smarten,
I too congratulate you on your new home purchase. I’m sure you negotiated a great deal.
I also wanted to say that today’ post — Forbes’ list of trouble luxury neighborhoods — is not meant as commentary on your purchase. It is purely coincidental that Incline Village was mentioned in the article