For those looking to buy, sell, or refinance luxury residential property, the wait for affordable available financing appears to be over. New Jumbo loan products are beginning to be made available to top tier Mortgage Brokers as a trial run for more expansive availability to the broader market. Three fantastic products are currently available to my firm. One is a 30 year fixed loan with rates starting in the high 5’s. LTV’s to 80%, loan amounts to $2m.
The second choice for Jumbo is a 7 yr ARM. Although adjustable rate mortgages have taken a beating in the public’s eye, an ARM can be the perfect tool for the right borrower. With rates in the high 3’s to low 4’s, a competent Mortgage Advisor can compare the 30 fixed with the ARM, run out an amortization schedule, and illustrate the term savings to see if the results match with the borrower’s financial goals. Loan amounts to $3m
The third Jumbo product to consider would be a first lien line of credit. This is a complicated product that does not work for all borrowers. Minimum credit score of 700 (most states), minimum 25% down (or equity), and positive cash flow. Loan amounts to $2m, higher loan amounts case by case. There is a huge upside to this product in that the loan can be paid off years early, saving tens or even hundreds of thousands of dollars. Again, I will emphasize that this is a unique product and is not for everyone.
All three Jumbo products are available for purchase or refinance transactions.
Las Vegas is a fantastic market for Canadians looking to take advantage of the exchange rate coupled with Las Vegas’ low prices for homes. The weather is outstanding, golf year round, gaming, and entertainment all contribute to the desirability of owning here.
I have a great loan product that enables me to finance a second home for Canadian Nationals. It requires a 35% down payment, is 30 year fixed rate, and low debt obligations, but the rate is phenomenal. We are talking in the high 5’s and low 6’s.
Although nearly all banks and mortgage companies have stopped taking applications for Rural Housing loans, not all have. I am still able to accept applications and I am still funding USDA Rural Development loans. Roughly $20 billion per year has been earmarked for this highly successful loan program. The most recent proposal, H.R. 5017 put forth by Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises has unanimously passed the House Financial Services Committee. This legislation will correct the Section 502 Single Family Housing Guaranteed Loan Program funding shortfall by enabling the program to pay for itself, rather than relying on federal funding.
So, in addition to the remaining funds in the section 502 fund, it appears that there will be a solution forthcoming to allow for uninterrupted loan funding.
I can originate and fund your Rural Housing loans now.