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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Elroy Jetson who wrote (149584)	9/23/2008 4:46:09 PM
From: Jim McMannis	Read Replies (4) \| Respond to of 306849

you're talking about the jumbos right? They don't want to loan over 729k. Mortgages for more than $417,000 are called jumbo loans because they have been too large to be purchased, packaged and sold to investors by the two, big, government-chartered mortgage companies. 729k must be for new conforming Jumbos.

To: Elroy Jetson who wrote (149584)	9/23/2008 4:48:35 PM
From: Peter V	Read Replies (3) \| Respond to of 306849

NINE PERCENT on a 30-year jumbo? Plus a one point origination fee? There goes the California RE market ... especially the high end. I've been saying for a while that rising interest rates are what is really going to kill the RE market. WaMu only has rates for conforming loans posted, and when I tried to get a rate for a 750K home with a $1.0 mill value, it said none available. They require 30 percent down, for a 7 percent loan with 1.25 points.