I just received a loan information flyer for an open house I'm holding this weekend on a Sunnyvale listing priced at over $800,000. That puts most loans on the property in the "Jumbo Conforming" range...between $417,500 and $729,750. Thirty year fixed loans with a one point loan fee, run 6.5%, and with a 30% down payment, only 5%.
Kenneth Harney recently wrote in his real estate column that major banks such as
B of A will be rolling out a large new program to finance loans between $730,000 and $1.5 million, true jumbo loans) at fixed 30 year rates in the upper 5% range, also available through its Countrywide Home Loans subsidiary (soon to be renamed Bank of America Home Loans.) These mortgages require great credit and substantial reserves, but at last we are seeing an alternative to FHA, Fannie Mae and Freddie Mac....urgently needed in our area.
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