Even Fannie and Freddie have their limits. Who knew. But that could be a good thing for folks looking for jumbo mortgages — and, of course, the Realtors working with them.
From Saturday’s Washington Post, “A Big Boost for Buyers Seeking Jumbo Loans“:
New money is about to flow into a part of the real estate market that has been squeezed hard by the credit crisis: mortgages too large to be purchased or backed by Fannie Mae, Freddie Mac or the Federal Housing Administration.
Bank of America, the country’s largest mortgage lender, is rolling out a large program to finance jumbo loans between roughly $730,000 and $1.5 million, with fixed 30-year rates starting in the upper 5 percent range.