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!

US Bank Raises Its Jumbo Loan Limit

Image via Wikipedia

Good News in the jumbo loan market! US Bank has raised its maximum loan amount from $900,000 to $1,500,000.

Here in the Bay Area, this change will really help mortgage brokers. We only have a handful of lenders that are funding jumbo loans. Many of these lenders either do not offer jumbo loans through their wholesale channel, or they make it very difficult to get approval to send them loan files.

There is an add-on to the rate of .2% for loan amounts above $900,000. However, the rates still are very attractive.

If you are not approved to send loans to US Bank, now may be a good time to get approved.

Mortgage Coach - Great Software And More

I have been a subscriber to Mortgage Coach for at least three years. This software and company has really helped me with my business.

Gone are the days of tearing off a sheet from a yellow pad with a rate, payment, and closing costs scribbled on it with my poor handwriting. Now I use the Total Cost Analysis every time I present loan options to my clients.



The Total Cost Analysis has really come in handy this year. As you know the lenders have priced lower rates more advantageously than rates with rebates. The Total Cost Analysis gives the clients a clear visual as to why paying some points is usually more advantageous these days.

Besides the software, they have a chat room, user forums, and what I like best, weekly coaching calls at 9 on Tuesday. I usually pick up an idea or two from these conference calls.

I give Mortgage Coach my two thumbs up. For those of you who are subscribers also, what do you think?

Related articles by Zemanta

• Will the New National Loan Originator Exam be Too Easy? (raincityguide.com)