Home Loan Q - Jumbo Loans

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Full doc, low ltv, super high fico

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I second this. A majority of investors have completely backed out of Jumbo and Govt.(Low Credit Score) loans right now.

Would it be possible to refinance a Jumbo Loan if you already have one?

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Its Puerto Rico so when I got it no US bank would touch it so its at 5.375% with the bank that financed the project. All my US accounts are with Chase so going to take a swing at it again.

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Yup going to be real tough to find options with US institutions that will touch that particularly if it is not primary.

Chase is probably your best bet. Their 30 yr. jumbo for primary was around the 4.5% range friday. 10/1 ARM jumbo was priced well for them at around 3.75%. Not sure what their adjustments would be for the property being in puerto rico as well as another adjustment on top of that if it isn't your primary.

May be able to get a preferred rate with them depending on how much you keep with them. It seems good jumbo rates are tough to get right now unless you hold a significant amount of liqiud assets at that institution. My portfolio still has decent jumbo rates but restricted on states and many mortgage banks have just done away or priced out the jumbo product right now. Too risky in this environment. Poised to take big losses if real estate starts going the same way as the rest of the market.

yes it will, but I doubt valuation has gone down much if that’s what it was worth earlier this year. I would think depending where it’s located in PR trailing sales from the last 6-12mo have been more affected by the past hurricane that hit the island rather than the current market conditions.