Ask The Broker Q and A

New Higher Conforming Loan Amounts Bring Opportunities For Many To Get Lower Rates And Payments!! Assets and IRAs Can Help You Qualify!!

Q: The news says that Fannie Mae and Freddie Mac are now loaning up to $1,000,000.00, making many Jumbo loans eligible for the LOWER RATES offered by traditional fixed rate lenders. Could this help me to refinance my $900,000.00 Jumbo loan on our primary residence or the $620,000.00 loan we have on our second home? Can we use assets or IRA savings to help us qualify to buy or refi?

A: YES! YOU CAN USE IRA SAVINGS OR OTHER ASSETS TO QUALIFY FOR LOANS!!

AND YES AGAIN: THERE ARE MANY WAYS BORROWERS CAN TAKE ADVANTAGE OF THE NEW FANNIE/FREDDIE MAXIMUM LOAN AMOUNTS. Here are some examples of how you might benefit from the changes:

1) With the “High Balance” and “Super Conforming” limits moving up to $937,500.00, there are MANY BORROWERS WHO WILL WANT TO OBTAIN LOWER RATES THAT WERE NOT AVAILABLE TO THEM WHEN THEY OBTAINED THEIR JUMBO

LOAN. Please call me at 831-818-7700 or send email to jchubb1@gmail.com for individual guidance and options available. 2) Your second home loan will now be eligible to be treated as a “basic” conforming loan that offers LOWER RATES THAN LOANS THAT WERE PREVIOUSLY

CLASSIFIED AS “JUMBO” OR “HIGH BALANCE” LOANS.

3) IT IS POSSIBLE TO PULL CASH OUT UP TO $937,500.00 WITHOUT. BEING SUBJECT TO THE MORE RIGOROUS GUIDELINES OF JUMBO LOANS. 4) SOME REALLY AMAZING NEWS IS THAT WE CAN NOW DO LOANS WITH AS LITTLE AS 3.5% DOWN WITH PURCHASE PRICES UP TO $971,500.00 !!!! YES!! YOU CAN NOW BUY A $971,500.00 HOME WITH AS LITTLE AS A 3.5% DOWN PAYMENT. And as I said above, IT IS NOW POSSIBLE TO REFINANCE LOANS THAT

WERE PREVIOUSLY FANNIE MAE “HIGH BALANCE” AS WELL AS JUMBO LOANS WITH ACCESS TO RATES THAN ARE OFTEN MUCH LOWER AND GUIDELINES THAT ARE GENERALLY MORE

DESIRABLE. Call me for

SPECIFIC individual strategies and options.