Remember the scene in Animal House when the girl fell out of the sky onto the young boy's bed while he's reading Playboy and he says "Thank you God"?
I feel this way right now! We just got approved to market the Citimortgage jumbo mortgage loan program. We have had to survive without many jumbo programs for at least a year. Starting tomorrow, we are allowed to send them new loan applications.
I wanted to let you know about the guidelines and programs. The maximum loan amount is $1,500,000. They will allow an 80% LTV and a 90% CLTV. The minimum FICO score is 720.
They are offering a 30 year fixed, a 10/1 LIBOR, and a 5/1 LIBOR.
Cash-out is not allowed. Second homes, investment properties, and 4 unit properties are ineligible.
I will report back tomorrow on the pricing.
Finally, we have a jumbo mortgage loan we can sell here in California!
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Phil,
ReplyDeleteThis is great news.
Let me know the rates.
By the way great Blog. Good luck.
Arman
Before purchasing a property, primarily secure that you have enough source of income. Be certain that you have sufficient funds on a long-term basis to insure that you'll be capable of paying your monthly amortization.
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