The best option for financing a property over 417k and less than 1.2 million is with an ARM.  Rates range from 4.75 to 6.5%, depending on the length of the ARM.  A sweet spot in the low 5’s exists for well-qualified borrowers on jumbo loans.  I don’t expect this to change in the near future.  If you have a jumbo loan and are only slightly over the 417k limit, it is definitely worth your paying it down to under the cut-off so that you can take advantage of once in a lifetime pricing on conventional loans. 

An example from today’s callers:

765 middle credit score, 2 million dollar purchase price with a 1.2 million dollar down payment.  This is only a 40% LTV.  The rate available at wholesale to this customer was a 5.20% on an ARM.  Interest-only is available on these jumbo loans!

Clients seeking mortgage loans in Peachtree City find that the housing supply exceeds demand, allowing them to choose from a large selection of properties.  Even in this market, the property values are only down a little bit, as Peachtree CIty is avoiding the widespread losses that are occuring elsewhere.  While the values are staying relatively safe, what is an issue that most sellers are facing is longer times on the market. 

Mortgage products available include 30-year fixed, 15-year fixed, numerous ARM products, with interest-only options.  Most Peachtree City borrowers choose fixed mortgage loans.  In this time of historic great rates, who could blame them!?