jumbo rates

jumbo loan rates are almost always higher than non jumbo rates.

Locked in a rate for refi. 5.5%, 7/1, no points, 70% LTV.

Ah, sorry, it was 5.375%.

Wanted to know what mortgage amounts are considered 'jumbo'. It's in the 400's, right? And does it make a difference if you're applying for a loan within 10K of that number?

Not in "high cost" areas - ripped from the HUD website (729,750 - 1 fam, 934,200 - 2 fam and so on).

NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METRO 35620 35644 NEW YORK 061 NY $729,750 $934,200 $1,129,250 $1,403,400 01/01/2009 CY2009

https://entp.hud.gov/idapp/html/hicostlook.cfm

There is a difference between a conforming jumbo up to $729,750 in the metro area and a jumbo above that amount. The rates could be considerably different.

If you have good credit, you should be able to get a 7/1 jumbo arm for under 5%. And that's for a loan amount above $729,750.

Streetsmart: not without paying points. If you have a specific bank, please share it. We have excellent credit, 60% LTV and it was not possible.

wow..where did you see rates for your situation with no points?

I recently got a 10/1 at 5% through Manhattan mortgage. No points. I think that rate is for up to a million dollars, but you need to put a lot down (25 or 30%, if I recall).

Any jumbo lenders with 80% LTV, or are they all 70% LTV? thanks.

"you need to put a lot down (25 or 30%, if I recall)"

Is 25%-30% considered a large Down payment? That $300K dp on a $1mm apt. IMO, if ya don't have $300K equity to put down, then ya can't afford the apt.

I know that one can get >1m, up to 5m at 5.125%, 7/1, no points. 70%LTV.

fed announces increase in long end treasury issuance--mtg rates will increase

Jumbo is anything above 729,750 and will be so continuing through 2010. And yes, we're still lending 80% up to 1M, 75% up to 1.5M and 70% up to 3M. We require 6 months housing payment reserves for up to 1M and 12 months for over 1M. 401k, stocks, IRAs, etc are acceptable sources to satisfy reserve requirements. sunny.hong@bankofamerica.com

nyc10023 - "...(729,750 - 1 fam, 934,200 - 2 fam and so on)..."

What exactly is "1 fam" and "2 fam" and etc. in NYC condo/co-op arrangement?

1 family = studio, 1 bedroom?
2 family = 2 bedrooms?

Or it only applies to houses?

Shong what are the rates for your jumbo 1M with excellent credit and reserves/

1-fam applies to 1-family houses and apartments (of any size). 2-fam and up only applies to entire buildings.

I see, thx.

the problem is if you want a normal 30 year fixed jumbo, which is what you should want. Last time I checked you cant touch that for under 7 percent no matter what . Shong can correct me if I am wrong.