Archive for the 'Mortgages and Home Loans' Category
March 24th, 2009 categories: Christi Meats @ Evergreen Home Loans, Mortgages and Home Loans, Seattle Times RE articles
"The Seattle Times" article "'Jumbo' Mortgage Market Reviving" March 22, 2009
Here is some good news for at least one of my clients. In Sundays' "Seattle Times
real estate columnist Kenneth Harney
wrote an article called "'Jumbo' Mortgage Market Reviving".
Harney writes that Bank of America
is entering into the very under-served Jumbo Home loan
market this spring. This will really help the Seattle / Bellevue real estate
markets, which have high median home prices. The median home price in King County for both single family homes and condos for Feb. 2009 was $348,000 (Feb. 2008 was $395,000, down 11.9% courtesy of the NWMLS
are loans above the Conventional loan
limit of $506,000, and we have been waiting for that limit to rise again to $567,500. Christi Meats
from Evergreen Home Loans
sent me an email last night to let me know that "We expect in the next week or 2 to see Fannie Mae and Freddie Mac sort out the final details for the increased loans amounts for Conventional loans from $506,000 to $567,500".
Christi also let me know that she will have more Jumbo loans
available from B of A too, since Evergreen Home Loans
; " will be participating in this when it happens through our correspondent relationship with Countrywide." Countrywide
is part of B of A and according to Harney in the article, Countrywide will be changing it's name to Bank of America Home Loans
The availability of Jumbo loans for high-end home-buyers began to contract in August 2007, so this is Good News!