FHA and Investor Specialist

Fannie Mae High Balance Mortgage: with Fannie/Freddie Loan limits as high as $729,750 in many areas, the main concern with the Conforming Jumbo Mortgage has been with the pricing adjustments relative to a regular conforming loan.  When pricing out a conforming jumbo mortgage "in a previous life", I was struck by how the pricing did not compare to regular conforming rates.  It seemed almost an oxymoron to use the phrase "Conforming Jumbo Mortgage", as the pricing did not resemble that of regular Fannie/Freddie pricing.  I often ended up brokering out my conforming jumbo mortgage deals to portfolio jumbo lenders, losing control of the loan in the process just to get better pricing.  I had loans not receive the attention deserved simply because I could not offer a suitable in-house product.  

Well, that changed Recently.  I was pricing out a loan for a client and found a conforming jumbo mortgage at a rate lower than a regular conforming loan I had just priced earlier.  It turns out at Chase we have extremely competitive pricing on our Fannie Mae High Balance Jumbo Mortgage program.  Couple the strong pricing with the fact that we can offer financing on approved Condo's, High-Rise Condo's, and even approved Co-Ops in the New York metro area.  The last few years in the mortgage business have made me accustomed to being surprised, but I have to admit this is the first time I have been truly pleasantly surprised in some time.

A second pleasant surprise I found on our rate sheet was the point adjustment for New York State: normally most lenders add a .25 point adjustment for loans in NY State.  At Chase Manhattan, the point adjustment is .125 of a point better for New York State, yet another positive.

It turns out that our rate sheet has the Fannie Mae adjustment of .625 points for a high balance mortgage just like most rate sheets, but the main difference is we also receive up to a .625 pt positive adjustment for conforming jumbo mortgage loan amounts.  I actually had better terms for a 700k loan than for a client who was looking for a 90k loan.  There are some nuances such as cash-out refinancing restrictions and credit score requirements, but it is still a great program.

With much of New Jersey, Connecticut, and New York's five boroughs and surrounding areas having a much higher loan limit for the Fannie Mae High Balance Mortgage program, I know I have found the right home here at Chase.  For anyone considering purchasing or refinancing with a Fannie Mae High Balance Mortgage, feel free to contact me for a free, no-obligation consultation