Jumbo Mortgage Loan

Getting a jumbo loan in Hillsborough, CA has become more difficult in 2009. According to this website, there are currently 83 homes for sale on July 30, 2009. This number is higher than normal, and does not include homes that are not on the multiple listing service. There ary many sales in Hillsborough that never are recorded on the MLS. One of the reasons that so many homes are on the market is because of the lack of jumbo financing in recent months.

There have been some developments recently that make getting a jumbo loan in Hillsborough, CA easier than it has been in a while.

Some lenders have come back into the jumbo loan market. For example, one lender is offering jumbo loans for up to $5 million. The price range of homes currently on the market is between $1,350,000 to $18 million. Having loan amounts up to $5 million won't help everyone, but it should help most.

Another development is the ability to fix the rate on an adjustable loan without refinancing and without having to provide income documentation. If you have an adjustable jumbo loan in Hillsborough, CA, you should read this article about how it works.

The super jumbo loan market, which has been frozen, is thawing. I expect more lenders to get back in the market for higher-end loans, which should make obtaining a jumbo loan in Hillsborough, CA easier than it has been for a long time.

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I recently completed a loan modification for one of my clients. Many people wonder what kind of terms homeowners receive when their loan gets modified. I would like to share with you what they had prior to the modification, and what they received from their lender.

My clients had a 30 year loan that was fixed for two years at 9.5%, with a payment of $3745 per month. Like many homeowners, they were struggling to make the payments. They were unable to refinance due to the loss of equity from the general reduction in home prices in their neighborhood.

They asked me if there was anything they could do. I suggested trying for a loan modification. They asked me what terms they would get. I told them that I did not know. I told them that the modification would be based on their income and expenses.

After a long waiting period, my clients received a modification package in the mail from their lender. The lender changed the terms to a fixed rate for the remaining term of the loan. They reduced the rate to 6.875%. My clients' payment was reduced by $715 per month to $3030.

I think this modification turned out to be a win-win situation for both the lender and my clients. The lender is still getting a good interest rate. They also are avoiding having to go through another foreclosure.

My clients will be able to make their payments and keep the house they love!