Bigger Real Estate Loans Mean Tougher Requirements
Jumbo loans often come in three sizes: small, medium and large, reports Anya Martin in today's Wall Street Journal on-line edition.
At national lender EverBank, a jumbo loan up to $1.5 million requires a 20 percent down payment and 12 months of reserves, or enough money in liquid accounts to pay the mortgage for a year if something happened to the borrower's cash flow, she reports.
For a loan of $1.5 million to $2.5 million, buyers are required to make a 30 percent down payment and have 18 months of cash reserves, Martin writes.
In lower Fairfield County, the situation is much the same, says Jay Tolisano with
Atlantic Home Loans in Westport. However, he points out there are some lenders
that are more lenient than others.
"So it pays to ask mortgage brokers to really shop thoroughly," Tolisano says.
For more: http://www.trulia.com/blog/ken_allen/2013/04/the_allen_report_bigger_loans_mean_tougher_requirements
