New Jumbo Mortgage Program Available Through Private Mortgage Advisors

The ready availability of jumbo mortgage financing has constrained the market for more expensive homes in Saratoga, Los Gatos, Monte Sereno and other parts of Silicon Valley. The problem has be sluggishness in the secondary wholesale market for loans above $729,750.

Now Private Mortgage Advisors (a joint venture of Wells Fargo and Alain Pinel Realtors) just announced very special, new, exclusive, Jumbo mortgage product (loans from $729,750 to $2 million) through Nationwide.  Nationwide approached Wells Fargo and asked them to place $200 million in high quality Jumbo mortgages.  In Northern California Nationwide only gave access to this product through Private Mortgage Advisors.

Here’s a summary:

• The mortgage is a 5/1 ARM, 15 Yr Fixed and 30 Year fixed Jumbo up to $2M.
• Rates on this product are .375% lower than what is quoted on the PMA rate sheet (which covers Wells Fargo mortgages).
• Borrowers must have a 720 FICO score
• 30% equity/down payment
• Reserves need only be 6 months PITI

Further, it appears this new jumbo mortgage has the lowest rate in the market on the above products by at least .25%.  For more information call John Shapiro at 48-913-7933 at his office or 408-431-0513 cell.

This is good news for both home buyers and home sellers.

Rick Bonetti | Alain Pinel Realtors | 408-857-8800 | DRE #01237009

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