Jumbo-Conforming Refi ?

u can get a refi for $729k for less than 5% these days. going through the process now. There was a change in the rules allowing larger mortgage refis about a month ago.

forgot to add u may want to talk to a mortgage broker because my original mortgage company Chase, is still working out the details and can't do jumbo refis yet. So maybe the bigger banks are dragging their feet and the smaller firms can do them?

Thanks, downtownsnob. If you don't mind my asking, which bank is the refi going through?

yes! i've been waiting for over 3 months for Countrywide now Bank of America to do my re-fi, and I'm fed up. Can you give me the name of your broker?

thanks!

if you want a rate and term refi, you can get an agency jumbo, with an ltv of 90%. However over 80% ltv, you will have to pay PMI.

I'm an indpendent mortgage broker: www.esfunding.instantlender.com

It seems that the problem is with condos, jumbo or not. Wells Fargo had us (jumbo re-fi) approved on everything (taxes, income, credit report, assets, etc.) and at the last minute (after 2 months of sending in documentation, and more than a month after the appraisal) started questioning the condo, with first, a condo questionnaire, then wanting condo budget, offering plan, etc., etc. -- all of this on a re-fi for a mortgage they gave us less than six months ago where the LTV is 50%. I also spoke with a banker at Chase; Chase seems to have a similar hurdle to go through. My spouse and I have theorized that lots of new condos are in financial trouble, and the underwriters (including Fannie and Freddy) haven't yet differentiated the good, the bad and the ugly, so all condos currently look "bad" to the banks. With so many other properties to re-finance, condos are their last priority. Just a theory at this stage. Has anyone out there re-financed or financed a condo lately? If so, can you give some details? -- bank, size of loan, re-fi or not, location of property. Thanks.

By the way, my alias is Hopeful_Buyer, but I did buy, so now it should be Hopeful_Re-fi-er. Does anyone know how to change your alias in this system?