3.125% (10 Year ARM with 30% down) for 1.2M Primary Home

[Varun Parkash]

Hello, one of my friends secured the following loan from Bank of America - his family relative works in the bank & got him the following for his primary home Home sold price $1,175,000 (1.75M) Interest rate: 3.125 Closing date: October 2017 Down payment: 30% Loan terms: 10 year ARM The guy makes 250-300k”ish as combined husband - wife salary. Is this sort of a deal possible in today’s market? Usually I have seen folks get 2.5% on 5 year ARM Please advice.

[Vic Reddy]

BofA is very aggressive on Jumbo loans & offers best rates for high net worth/income individuals

Recently a Doctor client of mine closed with 7-yr ARM at 2.875% ,25% down on a $1.7mil home