Banks offering super jumbo (1M plus loans) - recommendations?

[PenguinOrange]

For those that are NOT sitting on a pile of cash , any recommendation on banks that will do super jumbo (1M+) 30yr fix loans w/ good rates?

We're already working (conditional approved) w/ Chase and Wells (builder preferred). But as any good consumer wanted to see who else to include to price compare. Any suggestions?

Doing at least two approvals, always hear horror stories that last minute the builder preferred lender will change rates and then you're stuck.

Thanks so much!

 

[usctrojancpa]

For those that are NOT sitting on a pile of cash , any recommendation on banks that will do super jumbo (1M+) 30yr fix loans w/ good rates?

We're already working (conditional approved) w/ Chase and Wells (builder preferred). But as any good consumer wanted to see who else to include to price compare. Any suggestions?

Doing at least two approvals, always hear horror stories that last minute the builder preferred lender will change rates and then you're stuck.

Thanks so much!

Check out US Bank and Union Bank. 

 

[sgip]

Union Bank excels at ARM Jumbos. Not so much when it comes to 30 fixed.

The Biggies - Chase/Wells/BofA are domimating the +$1m market now with rates on average below 3.875% or lower depending on circumstance. Any lender you want to work with for a Jumbo loan will have first time homebuyer restrictions. You might find a mortgage banker with a low Jumbo rate, only to find out you're limited to $1m max and 12 months of post closing cash reserves if you're a FTHB. Ask the questions about this issue and cash reserves before "What's your rate" as it will impact what your final terms might be.

 

[PenguinOrange]

Thanks! Yeah both Chase and Wells are requiring 12m reserves although they can be retirement plans and other assets. They definitely don't want to issue a loan and find out you can't pay in a couple months .

Cool, I'll reach out and see what deals I can find for 30yr fix. US Bank says it's around 4.25%@0 pts on 1M+. Told them Wells is offering 4% and then they said they'll take another look and get back to me .

I think in my development only 1 buyer didn't go with the prefer lender.  Nonetheless be good to comparison shop. .

Thanks for the info, really appreciate it!

 

[OCgasman]

Is this a Lambert Ranch home?  Just curious.  Are there any other new builds in OC besides LR that are constructing houses well over 1MM?

 

[LAtoOC]

South OC has a few 1M+ now I believe.

 

[PenguinOrange]

Naaaa not everything in Lambert Ranch is $1M+ .  If you got in early phase of Field that'll be lower .

I do remember that Garden Hill in PS was also near a million. Of course that's KB vs New Home Company so would argue different build quality. Oh yeah and no mello roos as you can't deduct those vs say your property tax.

Back to loans, yeah seems at these amount need to talk to the big ones: chase, wells, and BofA.  No one mentioned Citi, thoughts on them?

Thanks!

 

[usctrojancpa]

Naaaa not everything in Lambert Ranch is $1M+ .  If you got in early phase of Field that'll be lower .

I do remember that Garden Hill in PS was also near a million. Of course that's KB vs New Home Company so would argue different build quality. Oh yeah and no mello roos as you can't deduct those vs say your property tax.

Back to loans, yeah seems at these amount need to talk to the big ones: chase, wells, and BofA.  No one mentioned Citi, thoughts on them?

Thanks!

Those are portfolio loans that can't be sold off to Fannie or Freddie so the bank lending that money better have a good balance sheet.

 

[morekaos]

Jumbo Mortgages Are Back, but at Far From 2007 Levels

http://www.cnbc.com/id/100497916

Home sales and prices are rising briskly in those neighborhoods where the well-heeled like to plant their mailboxes: along Chicago's north shore, in the San Francisco Bay area and in the haute Hamptons.

Sales of properties worth between $750,000 and $1 million are up 38.7 percent over a year ago; $1 million-plus property sales are up 25.7 percent, according to the National Association of Realtors.

The luxury real estate revival is being fueled, in part, by another resurgence: so-called jumbo mortgages - those loans,typically over $417,000, that are too big to qualify for purchase by federal agencies, namely Fannie Mae and Freddie Mac.

Jumbo loans are returning to the mortgage market after almost disappearing entirely in the wake of the credit crisis of 2008 and the real estate meltdown.

Most lenders stopped making new jumbo loans when the private secondary market dried up in the credit crunch. Now the credit markets are comparatively stable. Lenders, who are only making these big loans to the most highly qualified borrowers, now see jumbos as a safe and profitable way to make money on their low-cost deposits.