Jumbo Mortgage Rates...

Is there a phone number?

Posted by: manofelt at November 27, 2007 9:21 AM in response to 282 Clinton Street "house for sale" in Cobble Hill: what's the 411?

I should add...this is for a 2 or 3 family building.

Posted by: manofelt at April 10, 2008 11:06 AM in response to Jumbo Mortgage Rates...

mkpo,

how long ago was that? was that for a single mortgae or a combination conforming/non-conforming (essentially a home-equity loan on the balance.)

i have 800+ credit and was quoted 8.25% from a major bank that i have an excellent relationship with.

my banker told me that in the last month the market for jumbos has dried up.

Posted by: manofelt at April 10, 2008 2:18 PM in response to Jumbo Mortgage Rates...

4:26 and 4:27, are you a mortgage broker for another company? Apple Mortgage definitely does jumbos on multi-families. We had several discussions with them about rates on a single family versus two and three-family.

Posted by: mkop at April 10, 2008 4:59 PM in response to Jumbo Mortgage Rates...

4:27 here -
umm, no, i'm not a broker. if i was i would have recommended my services by now.
As for apple mortgage - i'm talking about www.theapplebank.com. yes, i spoke with a woman on the phone who either told me they didn't jumbos on multifamily or if they did it was well over the 6.5% jumbo rate.

Posted by: guest at April 10, 2008 5:08 PM in response to Jumbo Mortgage Rates...

Apple Mortgage is not theapplebank
Apple Mortgage is located on in midtown, on 44th and their website is applemortgagecorp

Posted by: mkop at April 10, 2008 5:55 PM in response to Jumbo Mortgage Rates...

3.30pm is right.

3-Family OLD CONFORMING limit (NOT new higher one that is called jumbo-conforming) is $645,300.

BTW, the new jumbo-conforming limit for a 3-family is $1.129 million!

Posted by: guest at April 10, 2008 5:56 PM in response to Jumbo Mortgage Rates...

5:56 and 3:30. Can you offer sources of info for this? I don't know if this is related, but I was told that the new higher Fannie/Freddie limits didn't apply to multi family buildings.

Posted by: lincolnlimestone at April 11, 2008 10:32 AM in response to Jumbo Mortgage Rates...

Oh yes, to add to my comment at 10:35, particularly bad for New York, limits are only up on 1 family HOUSES. Don't know about Condos, but Co-ops are not eligible either.

An attack on communal living arrangements? Who knows...

Posted by: guest at April 11, 2008 10:38 AM in response to Jumbo Mortgage Rates...

Oops, comment at 10:35 did not go up.

Yes, 10:32, you are correct. New Fannie/Freddie limits only apply to single family dwellings (homes).

What I also said was that smaller savings and loans will still offer rates in mid sixes (at least, our mortgage broker found one for us) since they actually hold onto their loans and don't care so much whether or not Fannie and Freddie will buy them.

Big banks (chase, wells Fargo) are NOT the way to go right now, their rates are very high.

Posted by: guest at April 11, 2008 10:42 AM in response to Jumbo Mortgage Rates...

Oops, comment at 10:35 did not go up.

Yes, 10:32, you are correct. New Fannie/Freddie limits only apply to single family dwellings (homes).

What I also said was that smaller savings and loans will still offer rates in mid sixes (at least, our mortgage broker found one for us) since they actually hold onto their loans and don't care so much whether or not Fannie and Freddie will buy them.

Big banks (chase, wells Fargo) are NOT the way to go right now, their rates are very high.

Posted by: guest at April 11, 2008 10:43 AM in response to Jumbo Mortgage Rates...

Guest 10:43 you are wrong, small thrifts sell loans to the gses as much or more than the money center banks, including the fhlbs.

Posted by: guest at April 11, 2008 12:10 PM in response to Jumbo Mortgage Rates...

This is 5:56 from yesterday.

10:43 is WRONG about the new limits "only apply[ing] to single family dwellings (homes)."

The CURRENT conforming limits are here:

http://www.fanniemae.com/aboutfm/loanlimits.jhtml

Like I said:

"3-Family OLD CONFORMING limit (NOT new higher one that is called jumbo-conforming) is $645,300."

The NEW jumbo-conformign loan limits have been raised for ALL building types (1, 2, 3 family) to the numbers I stated.

http://www.ofheo.gov/newsroom.aspx?ID=418&q1=0&q2=0

So much misinformation on this blog by clueless people! How about 5 minutes of Googling before you say someone is wrong?! Geez.

Posted by: guest at April 11, 2008 12:22 PM in response to Jumbo Mortgage Rates...