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« In Case No One Told You, Now is the Time to Buy... | Main | Is it Time for Some Tough Love? » March 06, 2008Subject: Getting financed up to $850K (locally)Our Editor in Chief Bill Quick dropped me a note with a release he thought the readers might find of interest... Somethings are best left to the messenger... In their own words, Tech CU’s that is... “There's been so much negative press about ARMs that one would think they're poison, but there are lenders out there that have successful loan portfolios, which include ARMs. And, they're still offering them. Tech CU (a $1.3 billion credit union with a loan portfolio size of approximately $732,000,000 here in the Bay Area) for example, has just raised their conforming limit to $850K for the 6-month, 1-year and 3-year ARM (no one else has done this that we’re aware of). Tech CU's loan portfolio has remained strong throughout the last year because the credit union didn't delve into risky loans and though the Tech CU is approved by Fannie Mae and Freddie Mac to sell loans in the secondary market, in the past few years they have kept most mortgage loans for their own portfolio. With so many consumers being affected by the further credit tightening, many people think that they simply can't get financed on a new mortgage or re-financed on their existing one. That's just not the case. (Tech CU has also introduced an aggressive HELOC with an introductory rate of 5.5%.) So, there are lenders out there who are continuing to offer both ARMs and refinancing (on jumbo loans). It's just a matter of finding who they are. Of course, with companies like Tech CU, the buyer/borrower must hast a good FICO score and credit history.” Bill thought you might like to know. Posted by Jeff Brooks on March 6, 2008 06:51 AM | Permalink TrackBackTrackBack URL for this entry: |