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Sources of 90% LTV jumbo mortgages for a refi in Illinois?
I'm paying way to high an interest rate, but until this summer the real estate activity in my town was so moribund that house values had barely budged above their 2008 lows. As far as the assessors were concerned, everything had dropped 30% and stuck there. Maybe it was true, because mostly small, cheap houses sold.
This summer, more expensive houses have been selling, so I am hoping that my assessment will be high enough that I can get a refinance. However, it is hard to find anybody that will make a jumbo loan at 90% LTV, and I don't have the cash on hand to pay down the mortgage to reach 80%. I was wondering if any Slickdealers from the Illinois area know of a place that would handle such loans? I'm talking to local mortgage brokers, but the more sources I can find, the better.
The whole situation seems a bit odd, a real inefficiency in the market. Only LTV matters. Assets, income, and credit history are all irrelevant for most places as regards whether they would even accept an application. They hear 90% LTV jumbo, and wouldn't give a mortgage to God Himself. I wonder if it has to do with the tendency of places to securitize their loans. If your loan doesn't match the securitization standards, then they are unable to handle it?
This summer, more expensive houses have been selling, so I am hoping that my assessment will be high enough that I can get a refinance. However, it is hard to find anybody that will make a jumbo loan at 90% LTV, and I don't have the cash on hand to pay down the mortgage to reach 80%. I was wondering if any Slickdealers from the Illinois area know of a place that would handle such loans? I'm talking to local mortgage brokers, but the more sources I can find, the better.
The whole situation seems a bit odd, a real inefficiency in the market. Only LTV matters. Assets, income, and credit history are all irrelevant for most places as regards whether they would even accept an application. They hear 90% LTV jumbo, and wouldn't give a mortgage to God Himself. I wonder if it has to do with the tendency of places to securitize their loans. If your loan doesn't match the securitization standards, then they are unable to handle it?
