Mortgage Help is on the Way…
By: Sarah Mann, Zillow Senior PR Specialist | April 17, 2008
For those of you who haven’t already heard the news, today Freddie Mac reached an agreement with Wells Fargo, Citibank, Washington Mutual and JPMorgan Chase to purchase mortgages up to $730,000 in some areas. What does this mean for you?
Traditionally, homes loans above $417,000 were considered jumbo, and were not backed by government-sponsored programs, including Freddie Mac. This resulted in these types of loans being much harder to get in today’s market, and when they were available, it was generally at a higher interest rate. With today’s news, it means those looking to purchase new homes or refinance existing mortgages on the higher end should be able to do so with greater ease.
With the average home price in many areas well exceeding the traditional $417k amount, many homeowners were faced with fewer loan options, which has added to the slow-down in home sales across the U.S. For example, in California where house values are declining at some of the greatest rates, the median home value is over $450k with many areas reaching the $1 million median home value mark. By opening up new options to these homeowners, many may now be able to refinance their existing mortgages or sell their homes that may have been on the market for months.
See a complete list of eligible areas and new loan limits.
If you are in need of a mortgage, the Zillow Mortgage Marketplace offers a no-hassle process in which borrowers are anonymous — no name, address, phone number or Social Security number is required. It’s pretty easy and relaxing to get your hands on real loan quotes without having to give up your personal info. Give it a try. Maybe the jumbo loan quote of your dreams is waiting to be found…
- Stumble it!
- Categories: Home Mortgage, Mortgages, Real Estate Industry, Refinance, Zillow
Comments
7 Comments so far
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Crystal on April 18, 2008 12:43 am
That sounds like great news especially with all the fore-closers happening in the states.
Spencer Rascoff on April 18, 2008 10:37 am
finally a good time to refi…
Anne McKechnie on April 18, 2008 11:54 am
That’s great news., I know that jumbo loans have been very difficult in Arizona in the last few months
Thanh Nguyen on June 2, 2008 3:02 pm
I need refinance my home
Drew Meyers on June 2, 2008 3:49 pm
thanh-
Please try out the zillow mortgage marketplace — there are currently over 2,400 lenders on the platform and you should get a fairly quick response if you submit a loan request
yanni raz on July 29, 2008 11:57 am
Investors and home owners had a tough year.
It started with the real estate market crash, than the mortgage crisis and now foreclosures.
Everybody is looking for help with their investments, from the homeowner down the street to the big investor up on the billboards.
In the past year 267 banks closed their doors and more banks are on the verge of closing.
Seriously let’s face it “the world is in a serious trouble and no body can do anything to change it”.
How did we let this great economy we had to collapse like this?
Who can we blame except our selves?
I don’t think we need to look for the blame but we definitely need to fix it somehow and we can do it, home owners and investors.
Let’s talk to you homeowner:
There are many options to save your home and get a mortgage.
1. Fha loans
2. Conventional loans with lower loan to value
3. Hard money loans or private money mortgage loans(which is the same thing).
Most of you homeowners are not knowledgeable enough to know how to save your homes your selves, many of you that have lost their homes already could possibly save it if you would gain some knowledge.
But no one is perfect and I’m not expecting you to go to school and study what to do with your home while you’re trying to save it, but you can hire a professional to help you.
I’m a mortgage broker from los angeles california and I’ve seen so many people that could save their homes, but because they didn’t have the knowledge they’ve lost it instead.
Lets help each other and ourselves to bring this great world back to what it was 3 years ago!
Know your options and hire a professional mortgage or real estate broker to help you, brokers are the one that knows better than anybody else.
Why not to go to the bank next door?
Normally banks are narrow minded and they don’t know how to be creative, because they know only one thing- what their bank has to offer.
You want someone that knows how to get things done, if it’s with conventional lending(which is the banks), fha mortgages(which is government loans) and the private money lending(which is private investors that are acting as the bank in some cases).
So many people don’t even know that private money lending or hard money loans are an option, so homeowners loose homes with lots of equity in them.
I think that private money lending is the next thing for investors and home owners, since banks can’t qualify anyone anymore.
Loan Modification Zoom on May 6, 2009 4:34 pm
Huzzah for increased loan limits on Conforming Loans!