Jumbo Size
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Tracy Kelly, President Of Kelly Mortgage And Realty Inc. Sees Rates For Jumbo Loans Drop 1%
Tracy Kelly, President of Kelly Mortgage And Realty Inc. of Aliso Viejo, CA has seen during the last week in February, 2010 that rates for a Jumbo Mortgage have gone down by a full percentage point.
Rates on jumbo mortgages — loans of more than $729,750 in Orange County, California with highest-cost housing — shot up during the financial crisis as lenders and loan investors shunned loans that they considered a higher risk. Rates on big mortgages were especially high relative to those on smaller loans. Due to the high cost of homes in Orange County, CA this was bad news for home buyers.
The high interest rates for borrowers in Orange County, California’s expensive housing market made refinancing almost impossible for many Kelly’s clients. This is beginning to change as the jumbo-loan market is starting to return to normal.
Two weeks ago, the average interest rate on 30-year fixed-rate jumbos dropped to 5.79%, a nearly five-year low, according to rate tracker Informa Research Services of Calabasas. It edged up to 5.88% on Tuesday, still very attractive by historical standards. The average is down from well above 7% in late 2008.
Rates are even lower on so-called hybrid adjustable mortgages, on which the rate is fixed for, say, five years and then adjusts annually. For example a client with a five-year hybrid adjustable loan identical to his old one, except that now they would be paying about 5%, down from 6%.
Banks are also relaxing slightly some of their requirements for jumbo loans. That’s an encouraging sign because the market for jumbos, in contrast with the rest of the mortgage business, isn’t being propped up by our US government.
The lower rates and somewhat easier terms reflect newfound confidence among banks in the housing market. That’s because, by definition, jumbos are too big to be bought by Freddie Mac and Fannie Mae or to be insured by the Federal Housing Administration. Plus, the private market for mortgage-backed bonds dried up when the loan problems hit. So lenders making jumbo loans these days must be willing to take the risk of keeping them in their portfolios.
The maximum amounts for Freddie Mac and Fannie Mae “conforming” mortgages, and for FHA mortgages, are set by Congress. The cutoff for single-family homes was $417,000 from 2006 until February 2008, when lawmakers increased it temporarily to $729,750 in certain high-cost areas, including Los Angeles, Orange and Ventura counties. Conforming loans top out at $500,000 in Riverside and San Bernardino counties and $697,500 in San Diego County.
The increased upper limits, which have been extended until the end of this year, have created a three-tier system in expensive areas, mortgage professionals say: loans of up to $417,000, which are the easiest to obtain and carry the lowest rates; “conforming jumbos” from $417,000 to $729,750, which are somewhat harder to get and have slightly higher rates; and true jumbos, with the toughest standards and highest rates.
In the boom years of 2005 and 2006, interest rates were typically no more than a quarter of a percentage point higher on jumbo loans than on conforming loans, according to Informa Research. That widened as the mortgage meltdown intensified and home prices dropped in late 2007. The spread ballooned to nearly 1.7 percentage points in early 2009 after the entire credit system froze.
But this year the rate spread has narrowed to less than a percentage point. It could shrink more if conforming-loan rates rise as expected after the Federal Reserve wraps up a $1-trillion-plus program to support the market for conforming loans next month.
In addition to lower rates, down-payment requirements are being relaxed in some cases. For example, to write a jumbo loan in coastal areas of Los Angeles and Orange counties, Kelly Mortgage and Realty Inc. looks for a 20% down payment or that percentage of equity, down from 25% last year.
The reason: Tracy Kelly believes high-end home prices are stabilizing in those coastal counties. But lenders still requires higher down payments in the Inland Empire and other battered housing markets such as Florida, Nevada and Arizona, where prices for jumbo-size homes don’t appear to be stabilizing.
Jumbo loans remain much harder to get than before the credit crunch and recession. Borrowers typically must have a credit score of at least 700, compared with boom-era minimums in the 600s, though Tracy Kelly has noted that some lenders was again making sub-700 jumbos available.
Tracy Kelly sees that it is now a fact that, unless home buyers down payments are very large, borrowers must provide evidence of high income, have sizable bank accounts as a cushion against the unforeseen and occupy the houses themselves.
In Orange County, CA there are clear signs that the jumbo market has loosened. One is an increasing availability of “stated income” loans — those that don’t require proof of income — of as much as $2 million to borrowers with at least a 40% down payment. Also, instead of a true jumbo loan, some “piggyback” second loans are available again to help certain borrowers with 25% down payments pay for high-priced homes.
Despite the confidence in the market that such terms imply, lenders and mortgage investors are still dealing with piles of bad jumbos made during the boom.
Delinquencies of 60 days or more on prime jumbo loans that were packaged into securities jumped to 9.6% in January, up from 3.7% a year earlier, Fitch Ratings reported this month.
The jumbo delinquency rate in California climbed to 11.3% from 4.1% a year earlier.
For now, the jumbo market remains limited to the volume of loans that banks are willing and able to keep on their books. But there is hope for a return to private outside funding.
Although no jumbos have been turned into securities for at least two years, packages of delinquent jumbos have begun to be sold again to “vulture” investors, a sign that the secondary market for the loans may revive. Many brokers in Orange County see this as a positive sign.
About the Author
Jim Forde is the Director of
JimsList.com
a pre-approved list of Real Estate Providers.
JimsList.com
features Orange County Mortgage Brokers.
http://www.JimsList.com
Email Jim@JimsList.com
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12 Pc Jumbo Hex Key Allen Wrench Set Large Metric & SAE Sizes Included New $44.95 |
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8 PC 3/4″ DRIVE JUMBO IMPACT SOCKET SET SAE SIZE NEIKO $164.99 |
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NEW 8 PCS JUMBO SIZE DRILL BIT BIG LARGE BITS CASE NEW $38.49 |
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HD 6 PC JUMBO HEX KEY / ALLEN WRENCH LARGE SAE SIZES $31.99 |
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JUMBO METRIC WRENCH SET HUGE COMBINATION SIZES 6 PIECE 35 38 41 45 48 50 MM NIB! $89.95 |
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SUPER HUGE JUMBO SAE WRENCH SET VERY BIG COMBINATION MONSTER SIZES 4 PIECE NIB! $129.95 |
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Microwaving a Jumbo Size 15″ Diameter Plasma Globe
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