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Originally Posted by Hatterasguy
Call Jeff. He seems to know what he is doing, I'm looking forward to doing business with him.
Anyway Jeff does that $417k limit very by region? Because the average sales price in my city last year was like $430k. $500k-$1M loans are pretty commen, lots of 30 year fixed. No one seems to have a problem.
So far knock on wood all my clients have been able to get good funding.
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http://www.fanniemae.com/aboutfm/loanlimits.jhtml
Jumbo's went in the pisser on Thursday, its short term though they will be back in line in the next couple months. 7 year ARM pricing is still acceptable but 30 your fixed jumbo pricing is plain silly. My core market is Jumbo loans and I'm sort of a super hero right now for squaring them away last month, some asked me to do it, others I did it myself and told them I already did it when they called in panic mode, I can't count how many cases of beer, wine and dinners I have been promised.