Stockton Real Estate Blog

Qualifying for a Jumbo Mortgage Loan they are Available

Exciting news for the move up buyer and first time home buyer in Stockton and Lodi; jumbo mortgage loans are available and at very attractive interest rates. The lower purchase prices for Stockton Luxury homes are at an all time low and when combined with mortgage interest rates under 5 percent it is indeed a stimulus package. Even FHA has jumped on the band wagon and in some cases write up to $700,000 plus mortgages.

Underwriting standards have grown more stringent but qualified buyers are encouraged to apply. There have been a lot of misconceptions about the jumbo mortgage market:

·         Jumbo mortgages have very high interest rates-not true

·         You must have a down payment exceeding 50 percent-not true

·         Jumbo mortgage are only available to the very wealthy-not true

·         Jumbo mortgage loans are no longer available-not true

It is true that are available to those home buyers with stable and provable income and credit scores above 700 are eligible. Home buyers are going to have to provide detailed financial history, filed tax returns, and their credit history. Depending on your credit history and area of the country down payments are going to range from 20 percent and up. Interest rate should not very more than ¼ % to 1% higher than conventional mortgage loans.

Just look at the prices of homes for sale in Stockton and Lodi on the MLS that were once a million dollars plus have been heavily discounted sometimes as much as 50 percent. Golf course homes, waterfront homes, homes in gated communities and some of our best addresses in Old Morada, Brookside, Spanos Park, the Atherton area and larger country homes in Lodi are available. The opportunity is there to own that dream or executive home. The Lilly Team at PMZ Real Estate has been helping home buyers realize their dreams and reach their real estate goal for almost 30 years. Give us a call at 209-479-9222 or call e-mail us at thelillyteam@comcast.net .