Jumbo loans are becoming an endangered species in the lending world due to COVID-19.
However, I’ve been able to hunt down the lenders that are still offering jumbo loans (loan amounts greater than $510,400).
Therefore, don’t be discouraged by the latest news about lenders paring back their jumbo mortgage activities.
For example, Wells Fargo has stopped buying jumbo mortgages from third parties. Also, unless you have at least $250,000 in liquid assets with them, Wells will not accept your jumbo refinance application.
Other lenders have ceased offering jumbo products altogether.
Jumbo loans are risky under normal circumstances, as they are non-conforming and not guaranteed by Fannie Mae or Freddie Mac.
Coronavirus has only amplified that risk.
But, I can connect you with the lenders with higher risk appetites for jumbo — and they are also offering programs geared toward self-employed borrowers such as bank statement programs.
If you are looking for a jumbo loan to either purchase, refinance, construct or renovate, contact us at 321-239-2781 or firstname.lastname@example.org or by clicking here.