Mortgage Matters

Jumbo Loans: Is Anyone Out There?

The last 24 months have truly been one for the books. We have seen the total collapse of the secondary market...the market that buys up mortgages so that banks can re-lend the money. Thankfully, the conforming market had the bail-out of Fannie Mae and Freddie Mac. But what about the non-conforming market (other wise known as the jumbo market)? This is an area where some banks were positioned in a way to lend and others not.

At Wells Fargo Private Mortgage Banking, we specialize in mortgages from $1,000,000 to $6,000,000. The qualifications have become more stringent. Most jumbo loans in today's market will require any where from 20% to 40% down depending on the size of the loan and the type of collateral. Banks are also requiring a minimum credit score of at least a 720 for these types of loans and a debt ratio not to exceed 38.000%. This may seem very strict. The fact of the matter is that New York City operates in an affluent market and our buyers/borrowers are able to meet these guidelines. It is always recommended to get preapproved before looking to ensure you can obtain financing; especially if you are looking to finance a jumbo loan.

Adam W. Turkewitz, CMPS | Private Mortgage Banker, Wells Fargo Home Mortgage 530 Fifth Avenue, 15th Floor New York, NY 10036

(212) 805 1172 Office | (516) 456-3687 | adam.turkewitz@wellsfargo.com https://www.wfhm.com/loans/adam-turkewitz/index.page