Rates go down on Jumbo mortgage:

Shared by Niicss on Tue May 13, 2008 4:29 am
The good news is the rates on Jumbo-confirming mortgages have gone down. Rate on 30 year FRM Jumbo-confirming was 6.125 percent with no points and standard confirming is 5.875 percent., although the criteria for getting jumbo-conforming mortgage is still very strict. Fannie Mae and Freddie Mac need higher Fico scores, detailed income documentation, bigger down payments and lower DTI ratios to approve you for the loan. Now this is a good time to refinance the Jumbo-confirming loan to turn it to lower interest rates. Source: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/05/12/BUBV10L0PG.DTL

Community Members Opinion

jenkin7

Joined: 04 Jun 2007

Posts: 939

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Posted: Tue May 13, 2008 4:42 am Post subject:

Hello Niicss. Really good news but it would only help the people who have enough money in hand. But I think Government should try to help people who are facing foreclosure and think about how we can get out of this credit crunch.

Jessica
Jessica

Joined: 08 Jun 2004

Community Mentor
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Location: OHIO

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Posted: Tue May 13, 2008 5:59 am Post subject:

Ok that's good news at least for those willing to refinance to get out of their ARMs that are likely to reset within a short span of time. But FICO scores need to be higher if one has to qualify for jumbo loans . And, one should have a clean credit report for getting better offers. After all, it's a big loan and one needs to think whether he can manage it along with other financial responsibilities. _________________ Home buying made simple with Community booklet

cliff

Joined: 05 May 2008

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Location: Houston

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Posted: Tue May 13, 2008 6:09 am Post subject:

Well where finally starting to see the affects of the the liquidity the fed has been suppllying to the bond markets. After watching bond markets over the past few weeks investors in the bond markets have come out of thier bunkers and are feeling a little more confident that the worst is behind us. This is great new for mortgage rates it should cause them to fall. The only fear we can have now is the fear of inflation. I the fed has to combat inflation by raisning interest rates this will cause mortgage rates to rise. For now inflation is in check but, many economist are making the arguments that this could change over the next year. _________________ Cliff Pape Market Analyst www.home-buddies.com

john

Joined: 23 Jun 2008

Posts: 36

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Posted: Wed Jun 25, 2008 9:51 am Post subject: good artile from bloomberg

Fannie, Freddie Fail to Relieve Jumbo Loan Pressure (Update1) By Dawn Kopecki June 24 (Bloomberg) -- Three months after Fannie Mae and Freddie Mac won the freedom to step up home-loan purchases, the government-chartered mortgage-finance companies are doing what critics in the Federal Reserve and Congress had predicted. Continued................... "http://www.bloomberg.com/apps/news?pid=20601109&sid=aLs42yf_aFfg&refe r=home" [Post edited as per forum rules]


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