Real Estate Market News: Jumbo Loans

Jumbo Loans in the San Diego Real Estate Market

From our lender at PNC Mortgage, Bill Reiter:

It is much more difficult to qualify for a mortgage, especially a jumbo mortgage, than it was from 2000-2008.  In San Diego County, any mortgage over $546,250 is considered a jumbo mortgage. The good news is that for those with strong financial positions who can qualify, there are fantastic deals available in the jumbo mortgage market.

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For borrowers with good income, purchase loans up to $2.5M require only a 20% down payment, and in some cases the down payment can be even lower. Couple this with the fact that mortgage rates still remain near historic lows (mid 4% range for a 30-Yr Fixed Rate mortgage with no points; even lower rates for ARM mortgages), and the result is that home purchases involving jumbo mortgages are still very affordable compared to 2005-2007.

Contact Bill at PNC Mortgage if you want more specifics as to what you qualify for!

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