Quote Originally Posted by Alex_Manifest_M View Post
Planning on a jumbo mortgage? Get ready for the shock of your life. You may be looking at 1.5 points higher then last week. And since most of us are self employed, no income verification loans are on the way out without 20% down.

The increase in foreclosures on jumbo loans has jumped 64% in the last month. So if you are living in an area where a decent house is over 400k then you have some plans to rethink. Short term construction loans are now at 8.25 so expect home prices to go up in new construction due to the limited inventory that will be available in many markets.

80/20 loans to avoid PMI....headed out. So if you have a loan in process, call your lender on Monday if you can catch him before he jumps out the window.
We're actually making a killing on refis right now, there are currently 12 active files sat on the desk with another 6 coming in next week to work on not including the ones we closed yesterday and the 2 that'll have closed Monday.

People are refi'ing up in NY for more than $1mill too to buy 2nd and 3rd investment homes/properties.

Regards,

Lee