Lenders Loosen Reins on Jumbo Mortgages

This article is about the sudden increase in jumbo loans that are being approved and the decreasing rates on these loans of $729,750 or more. Current conditions for borrowing in these high amounts are early indicators of improvement in the mortgage market. Mortgage industry executives are very optimistic about overall conditions as indicated by the improvement in conditions for the high end of this market. In this article Frederick Wohlfarth, the president of a real estate broker in Manhattan known as Wohlfarth & Associates, said he has already seen a 40 percent rise in sales requiring jumbo loans over last year. This article also notes that credit scores of 700 or more are still the most important factor that determines approval for these jumbo loans.