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johnlmoran
23 Posts |
 Posted - 05/07/2008 : 11:52:54 AM
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Hey guys,
I am new to this forum, but it looks like there is a ton of good info here. Just wondering if anyone has any idea who has the best rates right now for jumbo loans. Loan is a piece of cake, 780+ FICOs, O/O, 45% LTV, Cash out refi ($350k in cash), SFR. $650,000. 30 or 15 year fixed. Seems like my go to lenders are trying to price themselves out of the jumbo loan game (they are all at a cost, even in the 8s for rate). Any help steering me in the right direction would be much appreciated.
John |
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javierf
101 Posts |
Posted - 05/07/2008 : 11:54:42 AM
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| what doc type & county/state? |
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johnlmoran
23 Posts |
Posted - 05/07/2008 : 11:56:24 AM
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| Full Doc, Arizona. |
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Shuggins
865 Posts |
Posted - 05/07/2008 : 11:57:40 AM
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ING No Contest
It will be a 5/1 or 7/1 arm. but your rate will be in the 5's I believe. |
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johnlmoran
23 Posts |
Posted - 05/07/2008 : 12:16:38 PM
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| Thanks Soren, I will take a look. Anyone else know of someone doing 30 or 15 yr fixed? |
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Shuggins
865 Posts |
Posted - 05/07/2008 : 12:24:25 PM
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| You got it, and welcome to the BO. |
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Mtown
83 Posts |
Posted - 05/07/2008 : 12:34:47 PM
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Indymac jumbo 30-year fixed is 5.875 closest to par. |
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johnlmoran
23 Posts |
Posted - 05/07/2008 : 12:46:19 PM
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Thanks Joe, that looks like a pretty good option. The help is definitely appreciated.
John |
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Xpatriot
333 Posts |
Posted - 05/07/2008 : 1:24:00 PM
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| first fed or citi. |
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jfink46
154 Posts |
Posted - 05/07/2008 : 1:36:02 PM
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| Mtown - I just priced a deal out at IndyMac and they were 7.125% at PAR, a far cry from 5.875% like you are indicating. Where are you getting your quote? |
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jladarski
109 Posts |
Posted - 05/07/2008 : 1:39:33 PM
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quote:
Originally posted by johnlmoran
Full Doc, Arizona.
If it's in AZ, I just priced one out at downey 3/1 5.5IO par and 5/1 6.125IO par. take .125 away for Full Am |
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johnlmoran
23 Posts |
Posted - 05/07/2008 : 1:43:22 PM
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| Wow, great feedback. ING looks like a clear winner for ARMs, but my borrower is looking more for the fixed option. Xpatriot, i just signed up with First Fed, so we'll see what kind of pricing they have. |
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bbbbenny
217 Posts |
Posted - 05/07/2008 : 1:53:03 PM
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| John is asking who if anyone has 30 fixed pricing better than the 8's-not ARMs. I'm having the same challenge. Indymac's Jumbo agency is close to 5.875% but max c/o is only $100K. Their super jumbo is low 7's and that would allow for $350K c/o. |
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Xpatriot
333 Posts |
Posted - 05/07/2008 : 1:53:04 PM
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| i priced Citi at 6.125 <1.113> on agency conforming on a fixed and first fed on a traditional jumbo at 5.875 <.875> on a 5/1 i/o. |
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johnlmoran
23 Posts |
Posted - 05/07/2008 : 2:06:13 PM
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| Xpat, thanks for taking the time to help. I'm not sure this would be considered agency conforming though. I've heard talk of $729,500 being the conforming limit in some areas, but haven't seen a lender that offers it yet. Is the Citi figure for their jumbo program (not that familiar with Citi)? |
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Mtown
83 Posts |
Posted - 05/07/2008 : 2:13:49 PM
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quote:
Originally posted by jfink46
Mtown - I just priced a deal out at IndyMac and they were 7.125% at PAR, a far cry from 5.875% like you are indicating. Where are you getting your quote?
Their agency jumbo product, page 3 on today's rate sheet. Max for cash-out is 75% though, maybe your deal didn't fit the guidelines? Just got another email that their rates actually just went down and is pricing at 5.75% for a jumbo fixed 30yr. |
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jfink46
154 Posts |
Posted - 05/07/2008 : 2:16:03 PM
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| He wasn't looking for an Agency Jumbo product, he was looking for a JUMBO product. |
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johnlmoran
23 Posts |
Posted - 05/07/2008 : 2:22:31 PM
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| What is Agency Jumbo? Do Fannie and Freddie buy jumbo loans now? Again, sorry for the confusion, but I don't work with Citi, so not at all familiar with their products. |
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Mtown
83 Posts |
Posted - 05/07/2008 : 2:23:33 PM
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Ahh, sorry about that. I didn't see what state/county you were in. It looks like Arizona's agency limits are lower than the 650K you need. My apologies. |
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lucky1s
3271 Posts |
Posted - 05/07/2008 : 3:26:10 PM
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Explain to your borrower that no lender wants to tie up that much money for 30 years.
I priced a 7/1 at ING last week for 900k at 1.50 back for zero cost, 6.50%.
That may seem like alot on the back end but I had to do their purchase for free when lending imploded and still nobody can even come close to that rate and cost.
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lucky1s
3271 Posts |
Posted - 05/07/2008 : 3:34:20 PM
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| Citi appears to have the most competitive agency jumbos on a wholesale level, please correct me if I am wrong. |
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johnlmoran
23 Posts |
Posted - 05/07/2008 : 4:46:39 PM
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| The borrower is going with a 7/1 at ING, thanks for all your help. |
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CoolMtgGuy
1608 Posts |
Posted - 05/07/2008 : 6:32:57 PM
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quote:
Originally posted by johnlmoran
Xpat, thanks for taking the time to help. I'm not sure this would be considered agency conforming though. I've heard talk of $729,500 being the conforming limit in some areas, but haven't seen a lender that offers it yet. Is the Citi figure for their jumbo program (not that familiar with Citi)?
I think that referring to the TEMPORARY HIGHER LOAN LIMITS that Fannie Mae is authorized to purchase until the end of 2008 as a "conforming limit" is misleading. Lenders continue to price to the 417k limit at one level and anthing above 417k but uo to the "temporary limit" at a different level. The price delta is significant.
For example, I priced a 417k loan with WF at 6.375 paying about 1.25% rebate. When I raised the loan size to 424k, the price went up to almost 7%. Those "temporary limits" are a waste as far as I am concerned because borrowers are not accepting the pricing for those loans. |
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