Mn Jumbo Loans

As 2010 gets under way, now is a good time to review the important updates for MN mortgage jumbo loans and new jumbo loans for MN mls buyers.  Over the last 2 years we in the lending community have seen jumbo loan guidelines tighten, especially for Minneapolis mortgage holders, lenders disappear, and rates rise to levels rendering these loans a rarity.  As many pundits and organizations claim that the housing meltdown is over we have seen small windows of these loans coming back into the fray.  Now I perosonally do not agree with the said pundits etc, but announcing some options for homeowners with these types of loans is worthwhile.  Here are a few updates I have noticed:

• Lenders still are scare, but those who have always had a position in this market are still offering these loans
• Interest rates for these products have now dropped with conventional rates, which has not been the case for a while

• Appraised values have still been hammered hard making it tough to get the value needed on refinances

Overall the guidelines are still tight, but those with equity in their homes (even with current values) have more options available to save money than before.  Currently rates for jumbos are in the high 5’s, which historically are very low.  Those with a current MN mortgage or those looking to purchase a new MN mls home and have a significant down-payment (20-30% pending lender) have a great opportunity to fix in their loan balance at very low fixed interest rate.  To find further information and get your questions answered directly contact me below or visit my active rain profile.