Anyone underwriting Jumbo loans

[Fred Manson]

Hi all,

We bought our home in Phoenix last August (at what seemed to be a good rate). Of course, now the rates are better and we would save a bunch by refinancing, but we are in the Jumbo range (loan around 900k, value around 1150k). We have full paperwork, good ltv, great credit, but my broker I used for original purchase says there are no jumbos at the moment. Is that actually the case, or is that just with their network. His company was really good so would love to stick with them, but if they cant get it done, is that the do all end all, or are there jumbo loans being closed/underwritten ?

[Chris Mason]

Originally posted by @Fred Manson:

Hi all,

We bought our home in Phoenix last August (at what seemed to be a good rate). Of course, now the rates are better and we would save a bunch by refinancing, but we are in the Jumbo range (loan around 900k, value around 1150k). We have full paperwork, good ltv, great credit, but my broker I used for original purchase says there are no jumbos at the moment. Is that actually the case, or is that just with their network. His company was really good so would love to stick with them, but if they cant get it done, is that the do all end all, or are there jumbo loans being closed/underwritten ?

The big banks are still posting rates and taking refi applications...

...And then cherry picking the most perfect simple straightforward low-risk of those applications, and denying the rest for some BS reason or another.

"They own a few rental properties and we need to 'count' the rental income" as well as "they are self-employed" is not considered "low risk" at the moment, even if you have a 800 FICO score and 401k with $1.5m in it. FYI.