“The luxury housing market has been rebounding at a quicker pace than the lower-end market, and confidence is growing among high-income home buyers,” says Guy Cecala, publisher of Inside Mortgage Finance. “Higher-end borrowers have recovered faster and stronger than lower-income Americans from the recession,” Cecala told The Wall Street Journal.
Currently, rates are more affordable, competition to lend for Jumbo Loans is higher and flexible loan underwriting. This is a GREAT time to shop for Jumbo Loans in La Quinta & the Desert!
Since competition for Jumbo loans is so high, many lenders are relaxing the 20% down payment requirement. Some lenders are considering an 85% LTV in the upcoming months – and some even lower than that.
However, one thing that will never change with Jumbo Loans, are borrowers HAVE to have a great credit score, sufficient reserves and the income to support such a loan.
Whether you are looking for your first Luxury Home, vacation home or 2nd home in the Desert, enjoy the personal and professional service I provide. I listen carefully to all your needs, allowing me to quickly zero in on your preferences, saving you precious time. Buying will be fun, enjoyable, and easy!