While we are all looking at lower prices for homes its hard to imagine that anyone would want or need a "jumbo" loan. A jumbo loan is one that exceeds the FHA insured guidelines - which varies from location to location. Here in Sarasota a jumbo is a loan over $500k. It has been difficult to get a jumbo loan. Interest rates are typically higher and they get a lot of attention. Those factors have depressed the high end market.
This then is good news:
Jumbos Getting Easier to Find and Negotiate
We have had clients who have wanted to get homes in the higher price range but were having difficulty with the financing. Well let's hope this news is greeted with excitement!
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