Notes From The Mortgage Insider

Note: This article is reprinted from Margie Hofberg's Newsletter dated May 9, 2011.

When the secondary market all but collapsed in the summer of 2007 we lost an important mortgage product. Jumbo loans were essentially nonexistent even for highly qualified borrowers. Fortunately Fannie Mae and Freddie Mac received additional authority so that they could purchase mortgages with initial loan amounts of up to $729,750 (in high cost markets such as the Washington DC Metropolitan area. However, there are still relatively few choices for loan amounts above that limit.  I have been looking and looking and finally I have something worthwhile!

In late April I added a new investor and can now offer our clients competitively priced fixed rate and adjustable mortgages for loan amounts up to $2,500,000. And this good news is not limited to those in the high end market. Increased availability of "super jumbo" mortgages will likely result in a higher level of sales activity in that market, which in turn should have a positive effect on the entire metropolitan DC housing market at all price levels.

If you would like more information on our new Jumbo products, please give me a call. It is great to finally be able to share some good news with you!

Margie Hofberg, President, Residential Mortgage Center Inc

To contact Margie Hofberg email her at margie@rmcenter.com. If you wish to be notified when she posts her weekly Newsletter simply click on the Subscribe button below. To be added to her weekly Newsletter email distribution list email Renee Bourassa at renee@rmcenter.com.