We Just Got The Citimortgage Jumbo Mortgage Loan Program

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!