Jumbo Mortgage Thaw?
Jumbo mortgage financing was certainly challenging to obtain in first half of 2009. Here in the District, single-family home loans over $729,750 are classified as jumbo mortgages.
Realtor Magazine reports that as we gain distance from the credit crunch of a year ago, lenders are getting more comfortable with riskier financing instruments including jumbo mortgages. The institutions participating in this space are mostly larger banks that have the means to hold jumbos on their balance sheet.
This jumbo thaw is good news for anyone considering a Washington DC luxury home!